Sunday August 06, 2006

Peak oil mentioned in Business Times (Singapore)

Peak oil was briefly mentioned in a BT Investment Roundtable article on the weekend edition of Singapore's Business Times. The article is titled : "Sizing up a risky energy market".

business-times.asia1.com.sg :

William Thomson [chairman of Private Capital Ltd, Hong Kong and senior adviser to Franklin Templeton Institutional Hong Kong and Axiom Opportunities Fund, London] : Energy is fundamental to any economy ... with oil, in particular, the low-hanging fruit in politically stable areas has already been discovered and newly discovered resources take time to bring on stream and are very much more costly than before. Peak oil may or may not be upon us but we need to discover a field the size of Prudhoe Bay in Alaska every year. That was discovered in 1969. Even the Middle East probably has less growth potential than assumed till recently ... the oil majors, such as Royal Dutch Shell, are consistently unable fully to replenish the reserves they use through exploration ... over time, China and other emerging economies will become much more efficient users but that does not help much in the short term.

(2006-08-06 00:59:14 SGT) [Biz] Permalink

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