Declining oil from old fields will consume half of investment
Conventional petroleum production has barely increased in the past decade, as increasing territories peak and decline. New conventional resource finds have trailed production for decades. Globally, the ratio of capital expenditure to production rate increase expanded by an order of magnitude between the periods 1993–2005 and 2005–2013. And the IEA sees more than half of all energy investment in coming decades going to offset declining production from existing fields.