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IHS Energy's report on 10-year petroleum trends (1994–2003)

IHS Energy, a provider of oil and gas information and consulting services, has released its 2004 report on world petroleum trends which, based on its independent international database, provides a comprehensive 10-year summary of major country, regional, and global trends in oil and gas exploration and production activity including discovered resource estimates; liquids and gas production; wildcat, appraisal, and development drilling; licensing activity; and 2D/3D seismic activity.

"Based on the analysis of our comprehensive global data, which is derived at the field level from relationships with governments, operators and reporting agencies, we have drawn some unique and significant conclusions," commented Ron Mobed, president and COO of IHS Energy.

"In terms of long-term remaining resources in the ground, we believe the global resource base for hydrocarbons is still healthy and will be aided by a growth in exploration investment that is now underway. Yes, an energy ‘demand crunch’ does exist at the moment, and certain factors, particularly of a geopolitical rather than geologic nature, are contributing to that crunch."

Long-term, however, the analysis provides a positive outlook for several reasons:

• Oil reached a new peak in production during 2003 and gas pushed past 100 trillion cubic feet (TCF) level for the first time ever. Also, a number of major projects are still due to come onstream, suggesting no obvious shortfalls in oil production in the short-term to 2008.
  
• In terms of total global resource discoveries, 2003 appears to have been a better year than 2002. Forty-six major discoveries (the equivalent of 100 million barrels of oil or more) were made worldwide during 2003, five more than in 2002.
  
• Over the period 1995–2003, total resource additions resulting from resource growth in pre-1995 discoveries plus 144 billion barrels of resource additions from new field/new pool discoveries significantly exceeded global liquids production during the . . . [Full Text of this Article]