Friday June 10, 2005

'Peak oil' enters mainstream debate - BBC

peakoil.com -> bbc.co.uk :

Is global oil production reaching a peak?

A few years ago only a handful of geologists and academics were considering such a possibility. But now it appears even governments are taking a serious look at the subject ... the [French] report 'The Oil Industry 2004' [via peakoil.com] takes a long look at future production and supply issues. But perhaps what is most interesting about this Economics, Industry & Finance Ministry report, is that it actually mentions a possible production plateau at all.

Even one year ago it was unheard of to find the subject mentioned amongst government ministries or financial institutions. Now banks such as Goldman Sachs, Caisse D'Epargne/Ixis, Simmons International and the Bank of Montreal have all broached the subject.

"They are being forced to by circumstances," says Professor Richard Heinberg, author of 'peak oil' books Power Down and The Party's Over. "They have relied on optimistic data and rosy outlooks that are being proven to be incorrect."

... it is also very unusual to find a government report using the wording 'peak oil'. This is a phrase often used to describe the theory of a global oil production plateau, after which production would begin to decline ... the French report uses the phrase, in English, and repeats it on no less than four occasions.

"Ruinously high oil prices are making governments look at the subject," says Professor Heinberg. "For example, when they are faced with whole industries like the airlines going bankrupt, it forces them to react, but they may be too late." ...

- Reference links have been added in-line.

- Update : added link to the French report, which, obviously, is in French.

(2005-06-10 23:11:21 SGT) [Energy] Permalink

North Sea oil declined 17% (!!)

peakoil.com -> rigzone.com :

UK oil production fell by 17 percent year on year in March - a decline the industry said was at odds with renewed investment in the North Sea.

Output slowed as the region revealed more evidence of its maturing fields, with figures from the Royal Bank of Scotland showing that combined oil and gas was down 13.5 per cent on the period in 2004.

- A 17% decline rate for an oil field is a huge loss. The UK economy faces dire consequences.

(2005-06-10 22:54:51 SGT) [Energy] Permalink

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