Views about whether the recent flurry of oil discoveries make a difference to future oil supply depend very much on how big those fields are thought to be.
In the FT today, Bob MacKnight at PFC Energy says the new discoveries will shallow the decline rather than move the peak, whereas Wood Mackenzie’s Ann-Louise Hittle suggests the new front between Ghana and Sierra Leone could perhaps move the goalposts.
But this all depends on just how good the new Venus well turns out to be – and whether it does indeed herald more discoveries on the scale of Ghana’s Jubilee field along the intervening coast.
Per the table above, it all looks rather promising. But remember, companies and other supply forecasters tend to factor in discoveries that are yet-to-be-made; so these new resources have plenty of demand just waiting for them: