How medically accurate is this quote from Person of Interest?

In the TV drama Person Of Interest Season 2 Episode 15 (Title: Booked Solid), former CIA agent Reese encounters another agent Hershe and a fight ensues which later leads to a knife fight. Reese manages to get the upper hand and stabs Hershe in what seems to be below the sternum in an upper motion with a large kitchen knife.

He retracts the knife out of Hershe and it shows about a 4 inch blood smear on the blade.

Following this, Reese then tells Hershe

Any deeper and I would have cut your celiac artery.

[Pulls knife out]

You've got about 20 minutes before you bleed to death.

Given that he said cut (which I assume means inflicts an injury to the artery wide enough that blood profusely flows out at a high rate), how medically accurate is Reese's statement to Hershe about bleeding out? We don't actually see the blood on Hershe but it shows his struggling to stand up.

Link to the scene below (2:05)