Peak Oil Debate Piques Interest at Davos
http://technorati.com/business/article/peak-oil-de...
The oil speculation [PDF file] cat is out of the bag. Tony Hayward, group chief executive of BP, made the tallest claim at the World Economic Forum in Davos, that there was a "supply challenge" for the energy industry, which would have to increase output to 100mbd - a new peak for oil from the current capacities of 83-84mbd. Peter Voser, the chief executive of Shell, said that the industry would have to find up to US$27 trillion of investment over the next 20 years to meet demand.
'Group Europe’s' claim was promptly labeled as bluff by Khalid al Falih, Aramco's chairman and chief executive, dismissing claims of a shortage, or a demand surge in oil. The head of the largest oil producing corporation in the world hit out at "misleading" rhetoric that the world was weaning itself off fossil fuels, saying this did not give producers confidence to keep investing in production. Saudi Aramco’s CEO was dismissive of Europe’s stark concerns. “We don't believe in peak oilâ€, he said in a candid statement made after his speech.