Oil reserves drying up rapidly

A worldwide oil shortage is due in four years - not 40 years. That is the prediction of the Oil Depletion Analysis Centre in London, an organization of scientists and oil industry experts. It was reported by The Independent newspaper in England.

The prediction was made in reply to a report by BP, a British oil company, stating that "the world has enough 'proven reserves' to provide 40 years of consumption at current rates." Colin Campbell, the head of the depletion center, rejected that statement. Campbell is a former chief geologist and vice president for a number of major oil companies, including BP. He said the actual peak for the supply of regular oil occurred in 2005. Now the supply is coming from heavy oil, deep sea reserves, polar regions and oil from other sources that is more difficult to refine. He predicts that decline in the remaining oil will begin in 2011.

BP and Shell in merger talks (?)

peakoil.com -> energy.seekingalpha.com -> business.timesonline.co.uk, thisismoney.co.uk :

BP and Royal Dutch Shell are said to be in merger talks that would create a GBP 250 billion oil giant, according to the Times of London. "The City is awash with talk that Britain's two largest oil companies have engaged financial advisors to discuss terms for a so-called friendly merger that could result in GBP 2.5 billion of cost savings for the enlarged group," it wrote. It says BP, under previous CEO Lord Browne, was thought to have approached Shell last year, and that those plans have now been rekindled under current CEO Tony Hayward.

According to website This is Money, company advisors and executives are involved in 'round the clock' negotiations. It says the combined entity would produce over 70% more oil and gas than industry leader ExxonMobil.

- Not sure how true this is. But it would not be entirely unexpected among the peakoil community. The oil majors have got big problems to deal with - resource depletion, and resource natonalization.

Arctic ice anomaly going off the chart

peakoil.com -> arctic.atmos.uiuc.edu :

Over 2 million square kilometers of ice missing. (based on 1979-2000 mean for this date.) Largest deficit on record :
http://arctic.atmos.uiuc.edu/cryosphere/IMAGES/current.365.jpg

(2007-07-16 12:33:37 SGT) [Env] Permalink

Main | Next day (Jul 16, 2007) »

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out