[Peakoil] The Gross Society: We’re Entering an Age of Energy Impoverishment

[Antony Broughton Barry]

"All net new production during the 2005–13 period came from unconventional sources; of the $4 trillion spent, it took $350 billion to achieve a bump in production. Subtracting unconventionals from the total, world oil production actually fell by about a million barrels a day during these years. That means the oil industry spent over $3.5 trillion to achieve a decline in overall conventional production. Last year was one of the worst ever for new discoveries, and companies are cutting exploration budgets. “It is becoming increasingly difficult to find new oil and gas, and in particular new oil,” Tim Dodson, the exploration chief of Statoil, the world’s top conventional explorer, recently told Reuters. “The discoveries tend to be somewhat smaller, more complex, more remote, so it is very difficult to see a reversal of that trend…. The industry at large will probably struggle going forward with reserve replacement.”"

https://medium.com/m/global-identity?redirectUrl=https://psmag.com/the-gross-society-we-re-entering-an-age-of-energy-impoverishment-c49a1c3078c#.di8cjon01

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