[Leanan]

''Accumulating risks'' to world energy supply

$this->bbcode_second_pass_quote('', ' ')When Bodman called for the study in October 2005, he asked the council to study the concept of "peak oil," whether the globe was running out of hydrocarbons.

"Perspectives vary widely on the ability of supply to keep pace with growing world demand for oil and natural gas," Bodman wrote at the time.

In a draft letter to Bodman outlining its findings, the group says, "The world is not running out of energy resources, but there are accumulating risks to continuing expansion of oil and natural gas production from the conventional sources relied upon historically."

The group calls for "a new assessment of the global oil and natural gas endowment and resources to provide more current data for the continuing debate."

[seahorse2]

Matthew Simmons is a member of this group.



NPC

[eastbay]

http://www.npc.org/

[Ferretlover]

Energy agency sees higher world oil demand Report’s findings adding weight to consumer nations’ calls for more oil LONDON - World oil demand will rise more quickly this year than previously thought, the International Energy Agency said on Tuesday, adding weight to consumer nations’ calls for more OPEC oil. In its June monthly report, the adviser to 26 industrialized countries lifted its forecast for 2007 growth in world oil demand to 1.7 million barrels per day (bpd) or two percent, up 200,000 bpd from the previous forecast. The report marked the fourth month running the Paris-based agency has urged the Organization of the Petroleum Exporting Countries to open the taps to lower prices that are close to $70 a barrel, up from about $50 in January. Copyright 2007 Reuters Limited. Entire story: http://www.msnbc.msn.com/id/19187047/

[skyemoor]

Lee Raymond is in charge of this particular study, and Daniel Yergin is one of the 2nd tier leaders. Don't expect it to be very close to reality, especially since it is composed of industry reps and they will rely heavily on "publicly available" data. The head of the Supply task group is a Chevron VP, Donald L. Paul.

While a member of the NPC, Simmons is not a part of this study; persons providing outsider comments on a draft include Colin Campbell, Jean Laherrere, Robert L. Hirsch, Steve Andrews, Congressman Roscoe Bartlett, Matt Simmons, Randy Udall, Roger Bentley, Richard Heinberg, and several others.
http://www.energybulletin.net/27103.html

[Leanan]

Matt Simmons has weighed in:

$this->bbcode_second_pass_quote('', 'M')att Simmons, founder of Houston-based Simmons and Company Inter-national, criticised the report's findings.

Simmons, a member of the council who provided input for the report, pointed to a graph showing oil production from existing reserves falling below 20 million barrels per day (bpd) by 2030 from current levels near 75m bpd.

In that chart, the addition of output from known reserves, enhanced oil techniques, unconventional sources like Canada's oil sands and 'exploration potential' boosts the total to near 120m bpd by 2030.

"We don't have any idea where those reserves are going to come from or how we are going to get them out of the ground," Simmons said.

"The odds of this ever happening are zero."

On the other side of the issue, prominent energy expert Daniel Yergin, chairman of oil consultancy Cambridge Energy Research Associates, who served as vice chairman of demand issues for the council, has dismissed the idea of 'peak oil'.