Those are rates of decline of existing fields. Since the decline in existing fields is lower than previously estimated fewer new fields need to be opened to maintain status quo. Thus, we are much farther from exhaustion than previously indicated.
BTW- even if there were no new fields, the oil wouldn’t be exhausted after 25 years. At a 4.5% rate of decline, production in 25 years would be about 31% of today’s volume, not 0%.
3Lean, thanks for clearing up the math for “Brilliant” and saving me from doing it.