No technological fix for falling oil stocks

DECLINING production from the world’s major oil fields could not be made up by technological advances or the development of new discoveries, a Swedish energy expert warned yesterday.

In Perth to launch the Australian chapter of the Association for the Study of Peak Oil and Gas, Professor Kjell Aleklett of Uppsala University said four fields the size of the North Sea would have to be found for oil production to meet expected world demand in 2025.
“This is just not possible,” he told a meeting of transport bureaucrats.

“There is no possibility that the 65 current oil-exporting countries can lift output sufficiently to meet demand when production is declining in 54 of them.”

The Australian