World giant oil discoveries seem not to be at an end

The world has continued to discover giant oil fields, says a report by the Centre for Global Energy Studies, London.The finding torpedoes several holdings by the advocates of “peak oil”: that the industry has not been finding enough oil, has been relying on too few aging oil fields, and has not been discovering new giants.CGES compiled figures that show 17 giant oil discoveries in the 1950s, 29 in the 1960s, 24 in the 1970s, 15 in the 1980s, and 11 in the 1990s. Four of the fields found in recent decades are supergiants, CGES points out.Nevertheless, it reports that 20% of global oil production comes from the world’s largest 14 fields and that the large fields found in t...

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