Posted on 12/12/2012 7:20:49 AM PST by thackney
New discoveries and technological advances have increased the oil industry's ability to increase production in recent years, pushing global maximum oil production to 98 million barrels per day for longer than initially expected, Total SA's Chairman and Chief Executive Christophe de Margerie said Tuesday.
Global oil production should plateau at that level for some time before dropping as reserves gradually deplete, de Margerie said during a meeting with the Anglo-American Press Association in Paris.
Technological constraints led the French oil major to estimate in 2007 that the "peak oil" production rate would be at around 95 million barrels per day, or mb/d--a conservative estimate compared with those of its competitors.
"Peak oil" is categorized as when worldwide oil production reaches its maximum possible level before irreversibly dropping back due to a lack of new reserves.
(Excerpt) Read more at rigzone.com ...
I have my suspicions that Natural Gas may bring the peak sooner, due to economics.
Shell’s Gas-to-Liquids is becoming more economical and produces fuels that today’s vehicles can use.
That would allow the existing infrastructure and distribution to switch to GTL liquid fuel, running on Natural Gas with little cost to switch.
I did not realize that we had some work going on in Alaska. I do know that we did have a test and development well off the coast of Washington with the Japanese.
I do suspect that it will slow down a lot but I hope we continue to develop methods to heat the hydrates and control the pressures.
I wonder if we learned anything about it during the Gulf BP blowout?
Gas-hydrate tests to begin in Alaska
http://www.freerepublic.com/focus/f-news/2833971/posts
No Barrow hydrate research funds; wells will be drilled
http://www.freerepublic.com/focus/f-news/2455581/posts
USGS estimates ANS holds 85.4 tcf of gas hydrates
http://www.freerepublic.com/focus/f-news/2113362/posts
That would be great.
LLS
what “peak oil” predictors always leave out is that as long as the whole world does not slip back into the dark ages, technological progress is also likely to be “irreversible” and that will include technological progress in finding and extracting “fossil fuels” as well
if they were really smart they would look back at all the prior “peak oil” predictions, calculate an average for how far off they have been, and include that little fact as indicative of how far off they are likely to be as well
A remarkably large number of commentators repeat this claim, for no particular reason I can see.
Sure, NA has lots of shale gas and oil, but so do a great many other countries, including Oz and UK, many of which have not been thoroughly explored and in very few of which any attempt has yet been made to start production.
This widespread distribution is a very good thing. The super-high and extremely volatile nature of oil prices has been because its production was limited geographically and very largely to countries hostile to America and the West.
The more countries that produce their own oil, the less money and power will go to the Salafis.
I think starving that particular beast is even worth paying more than present prices.
The US has about 20 billion barrels. Throw in reserves off both coasts, Alaska, North Dakota, and shale oil and you have a much higher number.
Develop and exploit the energy resources under our feet in North America and the mid east will wither and die economically and politically.
So much left to be tapped....and they haven’t even been touched yet.
And they haven’t even begin to tap into the possibilities of Thorium.
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