New study examines crude oil supply over the next 20 years

Two-thirds of the 31 top oil producing countries are on the decline as a consequence of the fact that the majority of the top 194 producing oil fields are mature. The Big Three producers, Russia, Saudi Arabia, and the US are also past the mid-life of their reserves. What does this mean for the future of the planet’s crude oil supply? New research from PennEnergy may hold the answer.

A new report published earlier this year provides an in-depth look at crude oil supply over the next 20 years. Written by petroleum engineering veteran Dr. Rafael Sandrea, the research report provides the most detail ever published on supply assessment. The research is presented in a concise and efficient manner, offering thorough information relevant to E&P companies, refiners, energy investment bankers, and more.

Comprehensive Assessment of World Crude Oil Supply was published in March of 2012. It provides a 20-year forecast for each of the 31 top producing countries behind 93% of the global crude oil output. A forecast is also provided for seven oil producing regions, and for the top 26 producing fields.

The 126-page report includes maps, charts, and more than 100 tables to help explain and demonstrate its forecast. For more information, or to purchase a copy of the report, click here.

Dr. Sandrea is also a featured PennEnergy micro-blogger. His blogposts can be found here.

About Dr. Sandrea
Dr. Rafael Sandrea graduated cum laude in petroleum engineering from the University of Tulsa and received his Ph.D. from Penn State University. He headed the petroleum engineering department at the Universidad de Oriente in Venezuela and later was the Ford Foundation Professor in the Graduate School of petroleum engineering at the Universidad Nacional of Mexico. Dr. Sandrea and his professor from Penn State, Dr. Ralph Nielsen, published Dynamics of Petroleum Reservoirs under Gas Injection, Gulf Publishing, 1974, a book used extensively in petroleum engineering courses around the world.

In 1974 he founded a Caracas-based engineering company, ITS Servicios Tecnicos. During his 30-year tenure as President and CEO, ITS provided the oil and gas industry a wide range of technical services and products, including project management, reservoir engineering, geology, seismic processing, E&P Data management and business archiving. ITS carried out projects in several countries around the world including the US, Chile, Pakistan, Trinidad and Tobago and Venezuela. During this time Dr. Sandrea served on the Board of Joint Venture Alliances with international companies from the United States, Great Britain, and France.

Today Dr. Sandrea is President of IPC Petroleum Consultants, Inc., a Tulsa-based international petroleum consulting firm that specializes in oil and gas reserves appraisals and risk analysis for international upstream petroleum investments. He is very active giving seminars, workshops, and speaking on the reserves theme around the world.

He is a life member of the Society of Petroleum Engineers and member of the Editorial Advisory Board of the forthcoming Petroleum Encyclopedia, of the Board of The Open Petroleum Engineering Journal, and of the UN Ad Hoc Group of Experts on Fossil Resources. Dr. Sandrea has published over 30 technical papers, a dozen within the last five years, which include a 2011 eReport: “An In-Depth View of Future World Oil & Gas Supply”. His latest publications cover areas such as risk analysis for international upstream petroleum investments, appraisal of global oil and gas reserves, development of algorithms for estimating the production capacity of new oil fields, global offshore oil reserves potential, assessment of global oil and gas resources and their potential for enhanced oil recovery. Some of these articles have been featured in CNN Money and They are available on IPC’s website at



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