[PeakingAroundtheCorner]

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')Globe and Mail

When other Canadian oil executives were enthralled with Alberta's oil sands, Jim Buckee was leaping into far-flung hot spots like Sudan. When the industry was talking about virtually endless oil supplies, he was saying peak production was imminent.

He retired last month as CEO of Calgary's Talisman Energy, one of Canada's biggest oil producers. His job went to John Manzoni, BP's former head of refining. Mr. Buckee, 61, talked to The Globe and Mail about his contrarian strategies and views, global warming, whether mighty Suncor will fall prey to foreign buyers and why Australia is in his future.

-snip-

Do you think the world has reached peak oil production?

I do - we're there or close to it. Mexico, the North Sea and possibly Ghawar [in Saudi Arabia, the world's largest conventional oil field] are all in decline. The truth is the world is producing 30 billion-plus barrels of oil a year and is finding less than 10 billion. This is the worry.

If we're close to peak oil, what is your price forecast?

The price has to be high enough to hurt demand. It has to be rationed by price. There is no real demand destruction yet [with oil near $80 (U.S.) a barrel]. It'll have to be at $120 a barrel, I think, before you'll see that.

-snip-

[Starvid]

James Schlesinger has said that in private pretty much all the oil executives believe in peak oil pretty soon.