Oil Company Reserves in Decline
Historically the decline in reserves from any oil field have been in part concealed by activity such as oil companies buying each other. There always has been some "reserve growth" from a single field because people are frequently cautious to start out with and also technology enables better recovery rates. Those issues are stabilising.
ASPO has now produced Newsletter 71. Within that the reported reserves of the oil majors are compared from 2004 to 2005 and now are on an aggregate basis reporting a decline.
|Reported Reserves Mb||2004||2005|
The predicted year for conventional oil production peaking is 2005 and for all liquids is 2010 (Natural Gas Liquid - that oil that is condensed from gas fields is still growing.