Maugeri, arch oil optimist, admits to very flawed maths.

July 30, 2012 Oil 

David Strachan: “When I interviewed him by phone and email, Mr Maugeri was forced to admit a mathematical howler that would disgrace the back of an envelope, and it also became clear he did not understand the work of the forecasters he attacks.”” ….Maugeri plucks the IEA’s natural decline rate forecast for 2030 and compares it to IHS-CERA’s observed overall decline rate for 2010, which is wrong in terms of both definition and time frame – because decline rates should accelerate as the average field size continues to fall. This comparison is not so much apples to oranges, as apples to marmalade. ….Perhaps there is some faint excuse for Mr Maugeri’s confusion, because for some reason the IEA did not publish a global overall decline rate in its 2008 study. However, UKERC worked it out from the rest of the IEA report, and the agency’s implied number turned out to be 4.1%. Far from conflicting with IHS-CERA’s 4.5%, it is in close agreement. Again, had Maugeri done his homework, he would know this. But that’s not the half of it……”

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