NZ Branch to Study Peak Oil

A New Zealand branch of the International Association for the Study of Peak Oil and Gas (ASPO-NZ Inc) has been incorporated.

The peak extraction rate of non-renewable oil reserves occurs when roughly half of the recoverable oil in a reservoir has been extracted. This applies to individual oil wells, oil fields as well as to the world as a whole.

Dr Peter Ballance, President of ASPO-NZ says: “The world is now close to the peak for oil and gas extraction and may already have passed this point.”

Within a few years, even by more optimistic projections, the global supply of oil and gas will decline and the oil and gas prices will inexorably rise.

Scoop