Article ID Journal Published Year Pages File Type
7407416 Energy Policy 2012 11 Pages PDF
Abstract
► Remaining oil reserves and average costs are of limited use in forecasting. ► We present a bottom-up approach to the modeling of regional oil production. ► Producers maximize net present value under technological and physical constraints. ► Exploration is modeled as random sampling from a lognormal field size distribution. ► Regional production starts declining before half of the recoverable oil is produced.
Related Topics
Physical Sciences and Engineering Energy Energy Engineering and Power Technology
Authors
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