In the 1960s, 26 giant and super-giant fields were discovered. That number has consistently declined to only two so far in the first decade of the new millennium. The conditions necessary to create giants and super-giants occur infrequently, and where they do occur the real estate has, with few exceptions, been well explored. Trying as hard as they can to discover giant or super-giant fields, the oil companies’ results have been disappointing.
Archive for the ‘Peak Oil’ Category
Oil prices hit high but report warns of supply crunch
The IEA figures showed there could be a gap of 7m barrels a day between supply and demand by 2015. That represents about 8% of the expected world demand by then of 91m barrels a day.
The IEA expects production from existing oilfields to fall by 50% between now and 2020 and warned the world needs to find an additional 64m barrels a day of capacity by 2030 – equivalent to six times current Saudi Arabian production.
The 1.258 trillion-barrel question: How much oil lies in reserve?
Scripps’ Constable, a man of science, is not reassured by such appeals to faith in unseen trillions of barrels. He’s well aware of the recent finds in Iraq, the Gulf of Mexico and elsewhere. Moreover, he believes that his own electromagnetic experiments will uncover new undersea oil fields.
“But,” he concluded, “we’re still burning it faster than we’re discovering it.”
IHS CERA: World Oil Demand Set to Resume Growth; Return to Pre-recession Levels by 2012
Overall, emerging markets will drive the recovery of oil demand. IHS CERA expects oil demand to increase from 83.8 mbd in 2009 to 89.1 mbd in 2014. 83 percent (4.4 mbd) will come from non-OECD countries. China alone is expected to account for 1.6 mbd of cumulative growth. Just 900,000 bpd of growth is expected to come from OECD countries
Oil still has us over a barrel
The spate of recent giant oilfield discoveries in the Gulf of Mexico, Iran, Uganda and Brazil is welcome. A cohesive society will depend on plentiful supplies of oil for years to come, no matter how quickly we can mobilise low-carbon electricity stored in batteries and other
Washington Capitulates – Peak Oil Is Real
Projected production, as you can see, is suddenly shriveling up. From 107.5 million b/d of oil projected for 2030 in 2007, to 102.9 million b/d in 2008, to this year’s meager expectation for 93.1 million. That’s a drop of 13.4% in only two years, and posits production growth of only 11.6 million b/d (14.2%) from 2006 levels.
If that isn’t an admission that the era of Peak Oil is upon us, what is?
Some See Exxon Investments Into Alt Energy Signaling ‘Paradigm Shift’ for Big Oil
So say some analysts who are pondering Exxon Mobil Corp.’s recent moves. Breaking from years of steadfast commitment to fossil fuels, the behemoth has announced big investments in electric cars, unconventional natural gas and algae-based biofuels
Is Peak Oil Real? A List of Countries Past Peak
Only 14 of the 54 oil producing nations in the world are still increasing their oil production. The era of cheap oil is definitively over, as shown below.
Energy supply crunch brewing
Forget low oil prices. The worry of the moment is a spike in oil prices and how long it will take before a supply crunch sends prices soaring
