[Peakoil] Two key statistics to remember

[W & C Steensby]

Every now and then we find optimistic articles about new discoveries of crude oil reserves. Here's one:
http://oilprice.com/Energy/Crude-Oil/Massive-Oil-Field-Discovered-in-the-North-Sea.html

When assessing reports like this, here are two key statistics to remember.

1. World oil consumption per day as of December 2011 was 88 million barrels.

2. Australian oil consumption per day in 2009 was not quite 950,000 barrels per day (0.9463 million).

Divide the estimated size of any new oil find by these figures and be surprised by how few days the reserve would last at current rates of consumption.

Remember that it's not just crude oil we use: add to that condensates and LPG, which in 2008 in Australia supplied about 467,000 barrels per day, one reason for the coal-seam-gas-rush.

Geoscience Australia have a good although slightly dated article worth reading at:
https://www.ga.gov.au/products/servlet/controller?event=GEOCAT_DETAILS&catno=70142

Regards,
Walter