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ENERGY EXECUTIVE ON THE END OF OIL

The world could run out of oil in 20 years. This grim scenario is not the prediction of environmentalists, but of Michel Mallet, the general manager of French energy giant Total’s German operations. In an interview, Mallet calls for radical reduction of gas consumption and a tax on aviation fuel.

… ‘The Old Oil Fields Are Dying’

SPIEGEL ONLINE: Is it even possible to increase oil production anymore?

Mallet: About 87 million barrels a day are produced worldwide. In the past, it was believed that this number could be increased to 130 million. I consider that an illusion. Realistically, the capacity is less than 105 million barrels.

SPIEGEL ONLINE: It sounds like the peak oil theory, which isn’t very popular among your competitors. It holds that maximum production will be reached soon.

Mallet: The old oil fields are dying. In the future, we will have to invest more and more just to maintain existing production.

SPIEGEL ONLINE: Is the age of oil coming to an end?

Mallet: No, not really. There is plenty of oil, geologically speaking. The question is just how much can be produced a year.

Spiegel