Early new field production estimation could assist in quantifying supply trends

05/22/2006
Rafael Sandrea, IPC, TulsaA severe slump in the global E&P industry in 1998-99 saw oil prices bottoming at $10/bbl, the lowest in 27 years, US drilling levels hitting their lowest point in 66 years, and global spending on E&P dropping 30% to $110 billion.1As oil prices picked up from $18/bbl in June 1999 to $27 in January 2000, and US drilling grew 46%, E&P capital spending built up steadily reaching an all-time high of $200 billion in 2005.Kazakhstan discovered oil offshore for the first time at Kashagan field with reserves estimated in 11.6 billion bbl. This is the largest field discovered anywhere in a single year since 1991.Iran made a big oil discovery, Azadegan field, wi...
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