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CERA-IHS: Global oil field decline rate at 4.5%/year

01/28/2008
The aggregate global decline rate for producing oil fields is 4.5%/year rather than the 8%/year sometimes cited in other studies, said Cambridge Energy Research Associates (CERA) and IHS Inc. in a report entitled “Finding the Critical Numbers.”The CERA-IHS analysis was based on production characteristics of 811 oil fields that account for about two thirds of current global production and half of the total estimated proved and probable conventional oil reserves base. The report was released Jan. 17.Annual field decline rates are not increasing with time, said Peter M. Jackson, CERA oil industry activity director and report author. This finding “provides the basis for more...
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