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Page added on March 6, 2013
BP CEO: ‘Peak oil’ talk quieted by abundance
HOUSTON – BP CEO Robert Dudley said booming oil-and-gas production from sources including onshore shale formations and deepwater regions has defeated arguments that global oil production will soon peak and go into an irreversible decline.
Dudley, in a speech, noted projections of overall global demand energy growing by over a third by 2030, including the need for around 16 million more barrels per day at that time.
But he said that the ability produce from oil-and-gas reservoirs that were once out-of-reach will enable supply to keep up.
“Many in the industry used to worry about whether demand on this scale could be met – we weren’t among them by the way – but there hasn’t been much talk of ‘peak oil’ lately,” he said at the IHS CERAWeek energy conference here.
“Thanks to new frontiers such as shale and deepwater, our industry is now producing an enormous amount of previously unreachable oil and gas,” Dudley added.
He said that at current consumption rates, data suggests that the world has 54 years’ worth of proven oil reserves and 64 years worth of proven gas reserves, adding, “more will be found.”
Dudley noted the boom in development from shale oil formations that has moved North Dakota to second place behind Texas in among U.S. states, the growth of deepwater development in the Gulf of Mexico, and resources in other regions.
He noted Russia, where BP has invested, has the largest combined oil and gas reserves and highest combined output already, but added: “In our view, it’s potential has yet to be realized.”
10 Comments on "BP CEO: ‘Peak oil’ talk quieted by abundance"
DC on Wed, 6th Mar 2013 7:04 pm
54\64 years is far less time than it took to ramp up and burn through the oil weve gone thought all-ready. Even a 50 year collapse would be ‘fast’ by historical standards. Compare that to say, the Roman Empire, a solar-muscle powered civilization not vulnerable to fossil-fuel disruptions, took 150 years to collapse. A collapse in the 2050-60 time range is entirely consistent with some predication, which of course are based on current trends. Yes, more will be ‘found’, but it will be too diffuse, or difficult to extract to do much good. It wont ‘save’ our drive-shop-consume ‘civilization’, that is for sure.
keith on Wed, 6th Mar 2013 7:43 pm
With climate change under way, I don’t think we have 50 years left to discover if Dudley is correct. We need to have a revolution in awareness, an awareness of the importance of nature. This world is fast becoming one large slurry pit.
actioncjackson on Wed, 6th Mar 2013 7:47 pm
All I’m hearing is:
1) Increased demand projected
2) Worry about demand on this scale
2) Supply SHOULD be able to “keep up”
3) Based on CURRENT consumption rates
Sounds like peak oil to me. Also, good point DC.
poaecdotcom on Wed, 6th Mar 2013 7:51 pm
50 years?
At current rates……
But our economic paradigm demands increasing net energy.That is why it the PEAK of production that is relevant.
Once we are best peak the financial system goes into a death spiral (deflation collapse) and the marginal barrel of oil gets beyond our reach.
Do not be fooled with this denial BS. for a more in depth analysis check out my video:
https://www.youtube.com/watch?v=5wI42sbcFwY
J-Gav on Wed, 6th Mar 2013 9:00 pm
16 million more barrels a day by 2030? That says it all – pure fantasy-land. Even Christophe de la Margerie, head of the largest French oil company Total, admitted several years ago that he would be extremely surprised if production ever got to 100 million bbld. Depletion rates of existing production will wipe out the rise in new, more expensive sludge production.
By the way, any projection that goes out to these 2030, 2050, 2100 time-frames is hog-wash by definition. Expect major bumps in the road before 2020.
dissident on Wed, 6th Mar 2013 10:01 pm
There is so such abundance that the gasoline price I pay at the pump is near to the all time peak of 2008. Words are cheap, show me the money.
Hugh Culliton on Wed, 6th Mar 2013 10:34 pm
Sounds like an attempt to suck as much wealth out of rubes…I mean investors, before shale and other exotic oil projects are recognized as the losers that they are.
BillT on Thu, 7th Mar 2013 12:54 am
You can put 100 straws into a frozen glass of water, but you can still only suck out what melts. Likewise, you can drill 100 wells, but you can only pump what is able to flow from the rocks. THAT is why the Age of Petroleum will end long before the last drop of oil is pumped. $200 oil would crash the world economy and financial system. Game over.
Kenz300 on Thu, 7th Mar 2013 2:52 pm
The fossil fuel industry wants to hang on to their energy monopolies as long as they can. They will do all they can to keep individuals, business and governments from transitioning to safe, clean alternative energy sources.
The problem they have is that wind and solar are now cost competitive with fossil fuels and wind and solar keep dropping in price making them more attractive every year.
Oil has had a monopoly on transportation fuels forever and that is coming to an end. Electric, biofuel, flex-fuel, hybrid, CNG, LNG and hydrogen fueled vehicles are all being produced and growing in market share.
Long haul truckers are moving to LNG as the fuel of choice. Even locomotives are now moving to an alternative fuel source.
GregT on Thu, 7th Mar 2013 5:33 pm
Kenz,
All of your alternate transportation and energy solutions require oil to exist. Thinking that we will retain any semblance of BAU once oil prices become cost prohibitive, is not realistic. Food production and security will be the biggest hurdles to overcome. Plan accordingly, or expect someone else to do it for you. Your choice.