HUBBERT REVISITED — Deepwater oil discovery rate may have peaked; production peak may follow in 10 years

Deepwater exploration and production is undoubtedly the petroleum industry's greatest achievement.Major oil companies often compare this activity to that of putting a man on the moon, while the US Geological Survey and International Energy Agency refer to deepwater provinces as among the world's most promising sources of oil in the world, with ultimate reserves potential greater than 100 billion bbl of oil.Since deepwater exploitation (defined in this study as E&P in water depths of 500 m or more) began in the mid-1970s, over 1,800 deepwater exploration wells have been drilled in 70 areas worldwide, resulting in the discovery of 47 billion bbl of oil (estimated as of yearend 2002)...

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