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Peak oil at Davos (3 posts)

  1. truthmod
    Administrator

    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 oil”, he said in a candid statement made after his speech.

    Posted 14 years ago #
  2. mark
    Member

    At least in public they don't believe in it. In private they probably do.

    Saudi Arabia is increasing its offshore drilling, something they would not do if the onshore fields hadn't been drained for six decades.

    You can go back to sleep now. You are getting verrrry sleepy.

    Posted 14 years ago #
  3. truthmod
    Administrator

    The Next Crisis: Prepare for Peak Oil
    http://online.wsj.com/article/SB100014240527487041...

    As Europe's leaders gather in Brussels today, they have only one crisis in mind: the debts that threaten the stability of the European Union. They are unlikely to be in any mood to listen to warnings about a different crisis that is looming and that could cause massive disruption.

    A shortage of oil could be a real problem for the world within a fairly short period of time. It was unfortunate for the group which chose to point this out yesterday that they should have chosen to do so on the day the Organization of Petroleum Exporting Countries, or OPEC, reported that the effects of the financial downturn had led to a slight downgrade in its forecast for oil consumption this year.

    Against the gloomy economic backdrop that Europe currently provides, siren voices shrieking that a potential energy crisis is imminent and could be worse than the credit crunch are liable to be dismissed as scaremongers. Since they are led by Sir Richard Branson, whose Virgin group runs an energy-guzzling airline, and include Brian Souter, who runs Stagecoach, another energy-hungry transport business, they are also at risk of being seen as self-interested scaremongers.

    Posted 14 years ago #

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