Tuesday, January 24, 2012
Peak oil not until 2060 or later?
The peak of world production may not occur until 2060 or even later as a result of enhanced oil recovery (EOR) of existing resources, shale oil from places like North Dakota, and from new supplies in extremes environments like ultra-deep offshore and the Arctic, according to recent analyses. William M Colton, Exxon Mobil’s vice president for corporate strategic planning. is quoted as saying, “There’s enough oil to supply the world’s needs as far as anyone can see.” [Right, peak oil projections. Credit, Oilprice.com]
In addition, shale gas production continues to expand across the country, leading ExxonMobil to project that by 2030, natural gas will surpass coal as an energy source.
ExxonMobil also predicted that oil demand will rise to 100 million barrels per day (compared to 88 MBPD now), and gasoline consumption will decline despite 400 million more cars on the world's roads, because of fuel-efficiency improvements.