From the Oil and Gas Journal, there is a report from IHS Herold that oil and gas reserves rose in 2009. Okay, so? In a recession? Hmmm.
But this is the kicker: oil and gas reserves rose in 2009 despite drillers spending less money to develop their reserves. And that decrease in worldwide upstream investments was not trivial: worldwide investment by 224 oil and gas companies decreased 23% -- repeat, 23% -- last year.
The report:
- Oil reserves, up 3% to 164 billion bbl, reversed a 2-year decline
- Natural gas reserves climbed 3.7%
IHS Herold expects increased spending in 2010. It certainly has in the North Dakota Bakken.
Peak oil theory, anyone?
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