5 Million New Barrels/Day Per Year Required To Offset 6%+ Decline Rates/Year According To Expert
67 WALL STREET, New York – July 15, 2010 – The Wall Street Transcript has just published its Investing in Energy and Other Investing Strategies Report offering a timely review of the sector to serious investors and industry executives.
In the following brief excerpt from the Investing Strategies Report, money managers discuss the outlook for the sector and for investors.
TWST: What is the outlook on the supply and demand side for this industry?
On the supply side, we actually view the supply challenges, and decline rates in particular, as a more compelling factor than the growth in demand. Decline rates in the Gulf of Mexico, especially deepwater, are very high, on the order of 30 to 40% (and even greater in some instances) post peak production. Globally decline rates are in excess of 6% per year, which means the world has to bring online roughly 5 million barrels a day of new production every year simply to keep supply flat. In addition, the recent incident in the Gulf of Mexico is another example of the existing the supply challenges and more evidence that the era of cheap, easy to access oil is truly over.On a specific note, one of the interesting dynamics at play today is that the deepwater Gulf of Mexico represents a very important part of US domestic production.
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