No Large Oil Discoveries Reported in 2003

[jmcgowanjm]

The rate of major new oil field discoveries has fallen
dramatically in recent years. There were 13 discoveries
of over 500 million barrels in 2000, six in 2001 and just
two in 2002, according to the industry analysts IHS Energy.
For 2003, not a single new discovery over 500 million
barrels has so far been reported.

The International Energy Agency forecasts annual average growth in oil demand over the
medium term of around one and a half percent. (Bet Not)

That alone would require increases in production on
the order of one to one and a half million b/d each year. In
2002, total worldwide oil production was about 74 million
b/d,

but over 21 million b/d came from countries where production is already in decline.

http://www.ems.org/rls/2004/01/28/oil_supply_short.html

[jmcgowanjm]

1. Only three new mega projects are expected to come on stream in 2007

and a further three in 2008, adding less than 2 million bbl of potential new capacity at their peak.
- The Oil Depletion Analysis Centre (ODAC)

and you probably don't want to know about 2009.

[meow mix]

2. and yet, according to the "everything is ok" crowd..

the only reason there havent been any discoveries is because
no one is looking!
we dont need any more oil.. so why bother finding it?
haha!!