6.5 years from discovery to pumping

This is the thing: even if we find new pockets of last little reserves, AND they are accessible, AND they are cheap, sweet crude not sour stuff buried at the bottom of the ocean or mixed in with a billion tons of sand, it still may not arrive to market in time to prevent the real financial crash sometime in the next few years. As ex oil man Jeremy Leggett says:

My own view of the state of play is that the recession might have bought us a little time, but has deepened the crisis beyond. The central problem is that the underinvestment in the oil industry today will play out as a tighter crunch in the middle of the next decade. It takes an average of six and a half years from finding an oil field to bringing it onstream and, in the rare case of giant fields, often more than 10 years. Why haven’t more people in government, and the oil industry itself, seen this particular crisis coming? Why aren’t they acting proactively to soften the blow?

via Jeremy Leggett: Another crunch is coming – but will the world act? – Commentators, Opinion – The Independent.

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