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Excited to share findings from my new working paper:
The Long Road to First Oil
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The Long Road to First Oil
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It evaluates factors affecting speed at which petroleum fields go from discovery -> production. It is based on global proprietary dataset of 25,000+ fields globally.
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On avg it takes 7 years from discovery to first oil/gas, with s.d. of 9 years. 1/4 of fields yet to reach production. For giant fields avg is 10 years. Big regional variation. 3/ 
