And there is the argument that no new major oil reserves have been found for years. Hog Wash!
The Caspian Sea region, including the Sea and the states surrounding it, is important to world energy markets because of its potential to become a
major oil and natural gas exporter over the next decade. The region is thought to hold the world's third largest oil and natural gas reserves behind
the Middle East and Russia.
Caspian Sea Area
Chinese oil prospectors have discovered a high-yield oil reserve in the basin near the well-known Daqing Oilfield, in northeast China's Heilongjiang
Province. A corporate executive said the newly found reserve, with an estimated 25 million tons, is locatedin the Hailar Basin outside the Daqing
Oilfield. According to the company official, prospectors also found another oilfield in the same basin last year with exploitable oil reserves
standing at 13.36 million tons. Currently, the proven exploitable oil reserves at Daqing are set at 570 million tons. The oilfield has so far produced
1.7 billion tons of crude oil.
China Daqing Field
26-08-02 The Iranian Oil Minister Bijan Namdar Zangeneh announced discovery of 50 bn barrels of new oil reserves in the country during the past 4.5
years. According to the Central News Bureau, he said development of the oil industry and discovery of new oil reserves are very important to his
13-07-05 Recent geological surveys have found that there is a new gas field with a daily production capacity of 10 mm cf in southern Tanzania.
The findings were revealed in Dodoma where the Tanzanian National Assembly is currently in session.
Sept 2004. Mexico may have found billions of barrels in new potential oil reserves deep beneath the ocean, but it lacks experience in deep-water
drilling and suffers from a historical aversion to hiring foreign companies for such projects. The Minerals Management Service of the U.S. Department
of the Interior said in a recent report that ultimate reserves in the deep water Gulf are approximately 71 billion barrels of oil equivalent, of which
56.4 billion are yet to be discovered.
Estimates of Canada's oil reserves jumped from 4.9 to 180 billion barrels this year(2003), making it the second-largest oil reserve in the world,
acc. to an annual survey by the authoritative O&GJ. While the resource had been known for some time, it has now become economically recoverable and
therefore included as "reserves."
Angola - New discoveries are adding reserves faster than existing reserves are being depleted. In no other country are the replacements at such a
level. Angola leads the worlds oil production statistics with a 583 per cent replacement rate in 2001.
Norway April,2000 - Around one hundred oil and gas finds are awaiting development during the next 25 years and the expected investments during this
period will be as great as those that have been made so far.
And here is some info from Leonardo Maugeri:
The world has, according to current estimates by the US Geological Survey, about 3,000 billion barrels of "ultimate recoverable resources". Of
these, about 900 billion have been already exploited, another 1,000 billion are "proven" (that is, economic to recover) and the remainder are
designated "possible" or "probable". That is enough oil for 35-50 years.
Cycles of hysteria followed by new bonanzas have turned throughout history, he argued recently in the journal Science. Estimates of proved world oil
reserves have been steadily increasing since the Forties, a trend he says is likely to continue because of our simplistic knowledge of the Earth,
ignorance of the extent of reserves and inability to forecast developments in extraction technology.
"Oil-doomsters consider their figures as 'sacred' – something dogmatic that is set now and for ever. In fact, history shows that, over time, some
possible resources become 'proven', some 'probable' become 'possible' and the figure for 'yet to find resources' always increases."
There are many examples. The best estimates in 1942 indicated that the Kern River field in California had just 54 million barrels of remaining oil. By
1986, however, the field had produced 736 million barrels and estimates put the remaining reserves at 970 million barrels. "The field had not changed
but knowledge had," he said.
Do I dare say it again??? We are not running out of oil. We are not at Peak Oil.