Q. Sir Richard Branson and fellow leading businessmen will warn ministers this week that the world is running out of oil and faces an oil crunch within five years. http://www.guardian.co.uk/business/2010/feb/07/branson-warns-peak-oil-close
Mr. Gabrielli, the CEO of Petrobras, gave a presentation in December 2009 in which he shows world oil capacity, including biofuels, peaking in 2010 due to oil capacity additions from new projects being unable to offset world oil decline rates. http://www.theoildrum.com/node/6169
John Hess, the chairman of the US independent producer of the same name, has fired a warning shot to the world, claiming a âdevastating oil crisisâ looms large on the horizon if global action is not taken. http://www.upstreamonline.com/live/article196390.ece
Royal Dutch Shell Plcâs chief executive, Jeroen Van Der Veer warned that the next spike in oil prices is already in the making as demand will continue to grow and the current oil and gas industry cannot supply all the additional needs. Jeroen spoke at the 14th Annual Asia Oil & Gas Conference on 7-9 June in Kuala Lumpur, Malaysia. http://www.themalaysianinsider.com/index.php/business/28877-prepare-for-next-oil-price-spike-shell-warns
The number of exploration wells being drilled in the North Sea has collapsed by 78 per cent in the first quarter of 2009 compared with the same period last year, according to the most recent industry data from Deloitte, the accounting and consulting firm.
The worsening exploration climate could knock 10-15 years off the North Seaâs expected lifespan of 20-30 years, meaning almost half of all its infrastructure could be decommissioned within the next 11 years, UK Oil and Gas estimates.
Instead of satisfying 45 per cent of the UKâs oil and gas needs in 2020, at the current investment pace the North Sea would only be able to meet 12 per cent of its demand. Consequently, the UK and Europe will increasingly have to rely on Russia for natural gas and the Middle East for oil. http://www.ft.com/cms/s/40ed13fa-2794-11de-9b77-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F40ed13fa-2794-11de-9b77-00144feabdc0.html%3Fnclick_check%3D1&_i_referer=http%3A%2F%2Fwww.peakoil.net%2F%3Fpage%3D4&nclick_check=1
Are all these people crazy?
So I guess what most people think is that the CEO's of comapnies like Shell and Petrobras are just lying? That the governments of the UK and Norway ARE finding new oil deposits and just saying they're not?
OR is it none of you read anything and just decided to randomly say there's more oil where that came from?
Mr. Gabrielli, the CEO of Petrobras, gave a presentation in December 2009 in which he shows world oil capacity, including biofuels, peaking in 2010 due to oil capacity additions from new projects being unable to offset world oil decline rates. http://www.theoildrum.com/node/6169
John Hess, the chairman of the US independent producer of the same name, has fired a warning shot to the world, claiming a âdevastating oil crisisâ looms large on the horizon if global action is not taken. http://www.upstreamonline.com/live/article196390.ece
Royal Dutch Shell Plcâs chief executive, Jeroen Van Der Veer warned that the next spike in oil prices is already in the making as demand will continue to grow and the current oil and gas industry cannot supply all the additional needs. Jeroen spoke at the 14th Annual Asia Oil & Gas Conference on 7-9 June in Kuala Lumpur, Malaysia. http://www.themalaysianinsider.com/index.php/business/28877-prepare-for-next-oil-price-spike-shell-warns
The number of exploration wells being drilled in the North Sea has collapsed by 78 per cent in the first quarter of 2009 compared with the same period last year, according to the most recent industry data from Deloitte, the accounting and consulting firm.
The worsening exploration climate could knock 10-15 years off the North Seaâs expected lifespan of 20-30 years, meaning almost half of all its infrastructure could be decommissioned within the next 11 years, UK Oil and Gas estimates.
Instead of satisfying 45 per cent of the UKâs oil and gas needs in 2020, at the current investment pace the North Sea would only be able to meet 12 per cent of its demand. Consequently, the UK and Europe will increasingly have to rely on Russia for natural gas and the Middle East for oil. http://www.ft.com/cms/s/40ed13fa-2794-11de-9b77-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F40ed13fa-2794-11de-9b77-00144feabdc0.html%3Fnclick_check%3D1&_i_referer=http%3A%2F%2Fwww.peakoil.net%2F%3Fpage%3D4&nclick_check=1
Are all these people crazy?
So I guess what most people think is that the CEO's of comapnies like Shell and Petrobras are just lying? That the governments of the UK and Norway ARE finding new oil deposits and just saying they're not?
OR is it none of you read anything and just decided to randomly say there's more oil where that came from?
A. No, not all crazy at all.
There are "PEAK" levels for ALL non-renewable resources.
These peaks are set, for example, by the accessibility of the resource, cost of recovery/extraction per unit vs wholesale returns on investment, transport costs, associated liabilities, and capital investment returns.
There are "PEAK" levels for ALL non-renewable resources.
These peaks are set, for example, by the accessibility of the resource, cost of recovery/extraction per unit vs wholesale returns on investment, transport costs, associated liabilities, and capital investment returns.
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