Sunday, 27 September 2009
"PEAK OIL" - STILL SOME WAY TO GO
With new advanced deep water drilling techniques leading to more major oil fields, it is looking increasingly likely that the time of peak oil is continuing to recede just as it has always done. There is still plenty out there, it is simply a case of paying the price of its extraction. See this article.
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Even at the discovery rate set this year the world is consuming more oil than has been discovered, by some 50%.
ReplyDeletehttp://energybulletin.net/node/50231
As you say, we must pay the price of its extraction. At greater depths and further from shore, more energy is required to benefit from these discoveries, leaving less for productive activity. Given that oil production has not materially risen since 2005, it's likely that net energy (from oil, at least) has already peaked.
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