"Remember, auctioning is only a starting point; exploration, development and eventual production is over a medium-term horizon – in excess of five years – assuming capital availability and oil prices hold near current levels," says Harry Tchilingurian, head of commodity derivatives research at BNP Paribas. "Overall for the oil markets, it is the net addition to world supply that matters, that is accounting for supply declines elsewhere in the world, not just potential gross additions from these