19 Apr '13, 7am

Total production by the top five oil majors has fallen by a quarter since 2004

Total production by the top five oil majors has fallen by a quarter since 2004

Total crude oil produced by the majors was 10.760 million barrels per day (MB/D) in 2004. In 2012, it reached only 7.981 MB/D. It has decreased by 2.779 MB/D in 8 years (-1/4), as I have been able to calculate from figures that appear in the twelve latest annual reports of those five companies. Is this a clear early indication of an imminent decline in the worldwide production of black gold , a phenomenon predicted since 1998 by former oil company scientific executives, from the French Total group in particular? The majors are all facing a decline in their crude oil production, which began in each case before 2007. This comes despite extremely large growth in their investments, allowed by the significant increase in crude oil prices experienced since the late 2000s. Total, for example, has seen its production fall by almost 20% since 2007, although the French giant now has...

Full article: http://www.theoildrum.com/node/9946

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