26 Jun '16, 2am

Decline and depletion rates of oil production: a comprehensive investigation: Abstract Two of the m...

Non-renewable fossil fuels provide around 81% of the global primary energy supply and oil remains the single largest primary fuel, satisfying 33% of the world’s energy needs in 2009 [1 ]. Given the high reliance on oil, particularly within the transportation sector, it is evident that policymakers and the public need reliable forecasts of future oil supply. Two of the most fundamental concepts in the current debate about future oil supply are oilfield decline rates and depletion rates . These concepts are related, but not identical. However, analysts and laymen alike tend to get these concepts mixed up, leading to misunderstandings and flawed conclusions. In addition, the definition of depletion rates can vary. The term decline rate refers to the annual reduction in the rate of production from an individual field or a group of fields, after a peak in production. Detailed e...

Full article: http://peakoil.com/geology/decline-and-depletion-rates-of...

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