ODAC: Publicly quoted oil companies all produced less crude

The top 22 publicly quoted oil companies all produced less crude and NGLs [Natural Gas Liquids] than they did in 2004," according to a report published in the October issue of Petroleum Review. Compared with 2003, ten companies produced less in the first half of this year. Nine companies produced less than in 2002. "Clearly, it is no exaggeration to say that the world's largest oil companies are now really struggling to hold production levels," the report says. Meanwhile, a recent study by energy consultants Wood Mackenzie shows that only a quarter of the 28 leading oil companies active in international exploration have fully replaced their production through new field discoveries. The group of companies studied represents more than 30 percent of total world oil supply. "Not only is exploration more expensive now, but it has become more difficult to achieve success, as the more accessible fields have been discovered," the study author Andrew Latham said, noting that the industry has not discovered any new "world-class" fields since 2000.

Taken from Oil Depletion Analysis Centre (ODAC)