Proven developed oil reserves, particularly those from unconventional shale resources, are falling now like an anchor dropped in the open ocean. Decline rates appear to accelerating in all of America's shale oil basins and truth be known, PDP R/P in all basins, even the Permian, is less than 3 years.
Because the US shale oil industry can NOT replace reserves and pay down massive amounts of legacy debt at the same time without more outside capital, without more credit, proven undeveloped reserves, probable and possible reserve additions are iffy at best. "Technically recoverable reserve" estimates based on the number of wells that could be drilled per square mile in shale basins, if oil prices were high enough, is just a hope and hope is NOT a plan.
Affordable oil is gone. Sure, there is a lot of the stuff still gettable...but private enterprise can't get it anymore and be profitable. Case in point: the American shale oil phenomena.
Don't buy the hooey from investor presentations, oil industry lobbyists, or so called journalists/ANALyists that all have an agenda, most of it self-serving. Best think for yourself and make up your own mind about your children's hydrocarbon future. This book is a good start. It' begs the question...what in God's name is America doing exporting the last of its hydrocarbon resources to places like China?
Buy it on Amazon.com., then ask yourself if you believe this dog dookie from Rystad?
