Re: More oil reserve handwaving
Might not be the best metric to use to evaluate the situation. A pure rig count would not indicate how deep those rigs are drilling, or how remote they are. Exploration costs per barrel found would be better.
Here's an article that is fairly recent on the cost of finding oil: http://www.reuters.com/article/2010/02/11/us-oil-exploration-risk-analysis-idUSTRE61A28X20100211
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