IEA: New Oilfields Needed

By Purchasing Staff -- Purchasing, 12/11/2008 7:00:00 AM

Declining production from aging oilfields poses a much greater threat to world oil supply than rising demand, according to the International Energy Agency. The IEA says "a sea change is underway (as) international oil companies are facing dwindling opportunities to increase their reserves and production." The Paris-based intergovernmental group calculates that as much as 45 million barrels/day of gross capacity will need to be built by 2030 "just to offset the effect of expected oilfield decline."

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