There's Plenty of Oil Left: Study

Researchers say new discoveries more than offset worked-out fields
By Jim O'Neill,  Newser User
Posted Jan 17, 2008 9:37 AM CST
This undated handout photo provided by Dominion Resources Services, Inc. shows a rig drilling for natural gas in the Sonora Field of West Texas.   (Associated Press)
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(Newser) – New oilfields being brought online more than offset losses from depleted fields, says an optimistic report released today. Though it cited an Iran-sized 4.5% annual loss, key oil industry adviser CERA contends “there is no impending short-term peak in global oil production," reports the Wall Street Journal. Researchers, however, had little access to fields controlled by OPEC and Russia.

CERA found declines in fewer than half the 811 fields it studied, and said some were increasing output. "For every Iran you are losing, you are gaining almost two Irans in return," said the study author. Decline rates are important because they indicate the stability of future oil availability, a major factor in oil prices.