ODAC News
Wednesday 04
April
The Oil
Depletion Analysis Centre
1a/ Greed could bring America’s housing sector to grief
(The Times [
1b/ US
mortgage lender New Century files for bankruptcy (The Independent, Tue 03
Apr)
2/ Shell 2006 reserves
show shift from oil to gas (Reuters, Mon 02 Apr)
3/ Oil shocks aren't
what they used to be
(International Herald Tribune, Wed 30 Mar)
4/ Oil, climate change
threaten food supply: B.C. report (
5/ Peak Oil: The End of the Modeling Phase
(samsambakhtiari.com, Mar 2007)
6a/ Russia to Implement Sakhalin-3 Project Jointly with China (FC Novosti, Fri 30 Mar)
6b/ Thirty-seven
Oil and Gas Fields Found in Russia in 2006
(FC Novosti, Thu 29 Mar)
7/ Natural gas supply
shortfall leads to power plant resource waste – expert
(Interfax China, Tue 03 Apr)
8/ Qatargas
LNG ventures advance talks to divert cargoes to Japan
(Platts, Mon 02 Apr)
9/ Government spending to
boost Saudi Arabia GDP (Gulf News, Sun
01 Apr)
10/ Big
Oil spends more, only some see 2007 output up (Reuters, Fri 30 Mar)
11/ Warning
of bad hurricane season (BBC News, Tue 03
Apr)
12/ Britons'
wealth 'relies on homes' (BBC
News, Tue 03 Apr)
13/ Near-Term
Uranium Market Could Get ‘Very Ugly’
(Seeking Alpha, Mon 02 Apr)
14a/ World oil production to peak
in 15-25 years, AAPG told
(Oil and Gas Journal, Wed 04 Apr)
14b/ Oil peak predicted for year
2020 - Petroleum experts present their findings at gathering
(Long Beach Press-Telegram [
15/ Going
"Green" - thinking beyond Peak Oil!
(British National party, Fri 09 Mar)
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1a/ Greed could bring
Comment: There are many issues that
could make 2007 a pivotal year. The top three that spring to mind are: the
continuing slump in oil production growth from non-OPEC countries (non-OPEC
countries produced about 800,000 b/d less than forecast by the IEA last year.
This trend will continue.); the potential bombing of Iran by
USA/Israel/whoever; the fallout from the USA housing market crash, at least in
the sub-prime sector, which this article is about:
Article: For hundreds of thousands of
Americans, it is a personal financial disaster. For the wider
The deepening scandal of the US
“sub-prime” mortgage implosion looks more and more like a
cautionary tale of financial excess that sits unhappily alongside Enron and the
dot-com bubble, both in terms of scale and consequences.
... Viewed in hindsight, the debacle that is now
unfolding was, like many such events, an obvious accident waiting to happen.
Around the turn of the decade, as the US housing boom
accelerated, a large group of greedy American lending institutions became so
rashly intent on maintaining the growth of their loan books at all costs that
they began to hand out mortgages to borrowers with varying combinations of poor
credit history, no steady source of income and little or no collateral.
... Two factors turned this trend into a train wreck.
First, the vast bulk of sub-prime loans were adjustable rate mortgages, or
“Arms”. While these start out at enticing, discounted rates,
interest payments jump when such inducements expire.
Now payments on many of these loans are being reset,
at a time when official US interest rates are much higher, having been lifted
from historic lows of 1 per cent in 2003 and 2004 to more than 5 per cent now.
The result is that borrowers cannot meet repayments,
so that mortgage arrears and defaults on sub-prime loans are surging. In turn,
more than 30 mortgage lenders have shut up shop since last year. For borrowers
and lenders, this was an Arms race on a road to financial destruction.
... The second factor makes the picture still worse.
For many sub-prime borrowers, these financial horrors have been compounded by
seeing their repayments leap just as the
... The sub-prime market mushroomed over the past five
years, so that by last year it accounted for almost a quarter of new mortgages,
worth about $665 billion. That’s up from 10 per cent of loans, worth some
$200 billion, in 2001.
... As Mr Dales suggests, arrears and defaults are
likely to climb more steeply, as many sub-prime mortgages have yet to reset to
higher interest-rate levels. And the problems will almost certainly be
compounded by weakening economic conditions, as well as falling house prices in
some regions that will push more borrowers into the trap of negative equity.
... An excess of property and a drop in demand will
put more downward pressure on
... Factoring in lower demand, in the event of
sub-prime loans completely drying up, Mr Dales calculates that — in a
possible worst-case scenario — the sub-prime meltdown could end up with
ten months’ supply of homes on the
1b/ US mortgage lender New Century files for bankruptcy
(The Independent, Tue 03 Apr)
http://news.independent.co.uk/business/news/article2414810.ece
Article: New Century Financial, the
giant US mortgage lender which rode the boom in the country's housing market,
has filed for bankruptcy protection, engulfed by arrears in its customers'
accounts and a collapse in confidence by its own creditors.
The Californian business, once the second-largest
lender to Americans with poor credit histories - so-called
"sub-prime" customers - bowed to the inevitable after teetering on
the brink for several weeks, saying it would now conduct a fire sale of its
loan portfolio and sack half its workforce.
... The once high-flying company has become a symbol
of the meltdown in the sub-prime mortgage market, and its agonisingly slow
demise has triggered intermittent panic on global stock markets, which fear
that troubles in the
In its bankruptcy filing in
... New Century was named one of
However, as the housing boom has run out of steam and
prices have fallen across some parts of the country, debt-burdened customers
have become financially stretched and arrears have soared. Around 30 non-bank
lenders to sub-prime customers have gone under or been forced to put themselves
up for sale, and even HSBC issued the first profit warning in its 142-year
history, writing off $11bn of US loans...
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2/ Shell 2006 reserves show shift from oil to gas
(Reuters, Mon 02 Apr)
Article: Royal Dutch Shell Plc (RDSa.L: Quote, Profile , Research) pumped twice as much oil
as it found last year, forcing the company to rely on traditionally
lower-margin natural gas and oil sands to boost its reserves.
Figures issued on Monday echoed a trend across the
industry as resource holders increasingly shun the oil majors.
A spokesman said on Monday that Shell's reserve
replacement ratio (RRR) -- the extent to which reserves additions matched
output -- was a healthy 158 percent, well ahead of the 100 percent level oil
companies usually target.
However, Shell's 20-F
Additions of reserves of crude oil and non-gas liquids
accounted for only 367 million barrels, compared to daily crude production of
over 2 million barrels per day.
Shell added more reserves from its growing oil sands operation
in
... Many other oil companies have failed to match
their production with new reserves additions in recent years even including gas
finds...
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3/ Oil shocks aren't what they used to be
(International Herald Tribune, Wed 30 Mar)
http://www.iht.com/articles/2007/03/30/business/gas.php
Comment: Clearly, the implications are
that if the
Article: Prices at the pump are rising
again, much as they do every spring as oil traders bid up the price of crude
ahead of possible summer shortages. Possibilities for more conflict in
But there is something new this time, energy experts
say, in how drivers are reacting - or rather, not reacting, even as the price
of gas has climbed over the last two months to a U.S. average of $2.62 a
gallon, or 69 cents a liter. It has topped $3 a
gallon in many parts of the
In the late 1970s, OPEC oil shocks and gasoline lines
persuaded most Americans to sacrifice some of their pleasure trips and drives
to the mall, ease up on the accelerator, and switch to the bus or train.
But as Americans enter the sixth year of rising oil
and gasoline prices, their shift in driving habits this time has been much less
extensive. If anything, in recent weeks, gasoline consumption has gone up, not
down, and drivers are changing their daily driving habits only slightly.
A recent study that Christopher Knittel,
an economics professor at the
But from March 2001 to March 2006, drivers reduced
consumption just 1 percent when prices rose 20 percent. Prices swung up and
down seasonally during both periods, but Knittel said
the two periods were comparable because regular gasoline prices increased in
both periods by about 66 percent, to $2.50 from $1.50 in real terms, set at
2000 dollars.
While more and more consumers around the country are
buying smaller, more-efficient cars and fewer sport utility vehicles, that
trend is unfolding a lot more slowly these days than 30 years ago...
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4/ Oil, climate change threaten food supply: B.C. report
(
http://www.canada.com/vancouversun/news/story.html?id=ab7a0613-7ca4-4104-896e-5f31a2eda914
Comment: Interesting – an
official report from British Columbia raising doubts about B.C.’s ability
to feed itself due to climate change and Peak Oil. Note that
‘Balfour’ had to use Freedom of Information legislation to get hold
of the report!
Article: Climate change and rising oil
prices are a threat to B.C.'s ability to feed itself in the future, scientists
and planners say.
B.C. farmers produce only 48 per cent of the meat,
dairy, fruit and vegetables that we consume, according to a report prepared by
the B.C. Ministry of Agriculture. The report, titled B.C.'s Food Self-Reliance,
says that the area of farmland with access to irrigation in B.C. would have to
increase by nearly 50 per cent by 2025 to provide a healthy diet for all
British Columbians.
Maintaining our current level of food self-reliance in
2025 would require a 30-per-cent increase in agricultural production, the
report says.
... The agricultural industry's reliance on fossil
fuels for irrigation, processing, harvesting, refrigeration, transport and the
production of fertilizer means that as the world's oil supply wanes and fuel
prices spike, we should not expect to be eating Chilean grapes and Mexican
lettuce in a few years time, according to
... "This report speaks to that very issue and it
was being buried by the government," Balfour said. "It took six
months to get a 20-page report that asks the question, 'When we can't afford to
ship our food from
Within seven to 10 years fuel prices are going to
spike dramatically, Balfour said. Peak oil theory predicts a massive rise in
oil prices as oil production reaches maximum outputs and production begins to
fall. Scientists and planners predict that a painful reorganization of the
global economy will follow the peak and subsequent decline in oil production.
"We have the capacity to be self-reliant in B.C.,
but we have to start planning," Balfour says...
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5/ Peak Oil: The End of the Modeling Phase
(samsambakhtiari.com, Mar 2007)
http://www.sfu.ca/~asamsamb/The%20End%20of%20Modelling/The%20End%20of%20The%20Modeling%20Phase.pdf
Comment: The latest report from A.M.
Samsam Bakhtiari. This was Ali’s presentation at the recent ASPO-Italy
conference, held in March. Ali presents his case that global oil production has
peaked/will peak during 2006/2007. I am not familiar with the figures “of
81-82 million barrels per day”, so I asked Ali:
Q: I am not sure what the "81-82 million
barrels per day" refers to, and therefore think this might confuse others
as well. Current global production according to the IEA is about 85-86 Mb/d, actual
crude production is about 73-74 Mb/d according to the EIA. I would guess that
your figures refer to crude plus NGLs?
A: My main point is that between 81-82 and 84-85
there is little difference (who can tell which is best?), as crude and liquids
output is not a precise science (by a long chalk not). The main point is that
'Peak' is behind us, whichever type of data you use...
Article: …Modeling
for 'Peak Oil' began seriously in the mid-1990s as the question of worldwide
oil production reaching a maximum became a matter of widespread concern in some
petroleum circles and academic centers. Among a score
of other models, the 'World Oil Production Capacity' [WOCAP] model was
developed over the years 1997-2000 [1]. And, even in those early days, the model
--- based on 'Ultimate Recoverable Reserves' [URR] of 1,900 billion barrels
estimated by Dr. Colin Campbell --- did point towards a 'Peak' within the first
decade of the 21st century.
Further design developments and dozens of simulations
over the years 2001-2003 resulted in WOCAP's final
'Base Case' scenario that predicted a 'Peak' of 81-82 million barrels per day [mb/d] over the years 2006-2007 (see Figure 1).
Thereafter, global production would enter a decline;
at first, with a benign gradient, which would get gradually steeper, leading to
a 2020 production level of some 55 mb/d (give or take
3 mb/d). In 2003, however, many of the other models
did show 'Peaks' well after 2010 and the idea of an early 'Peak' in the first
decade of the century was widely regarded as 'highly pessimistic' and 'rather
improbable'.
Then, in 2004, Prof. Renato Guseo of the University of Padova
entered the world of 'Peak' modeling with his
'Generalized Bass Model' [GBM] based on the 'Diffusion Method' [2] and making
use of the powerful 'Non-Linear Least Squares' algorithm. The major results
obtained by the GBM were for a 'Peak Oil' in 2007 (see Figure 2) and a 2020
production of 55 mb/d...
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6a/
http://www.fcinfo.ru/themes/basic/materials-rfcm-index.asp?folder=3192
Comment: The reports of Sakhalin-3 are
somewhat confusing. Here is what an article from FC Novosti on 23 Jan 2007 said
about Sakhalin-3 development: <<“Russia would like Indian capital
to take part in the implementation of the Sakhalin-3 project and the
development of the Vankorskoye deposit in
(Siberia’s) Krasnoyarsk Territory,” Russian Deputy Prime Minister Sergei Ivanov told Indian
businessmen at a meeting. Sakhalin-3 participants ExxonMobil and Russian
state-owned oil company Rosneft expect to start
production under the project, which stipulates the output of 16.3 bln cu m of gas and 2 mln metric
tons of gas condensate, in 2014.>> No mention of ExxonMobil below?
Article: Russian
state-run oil company Rosneft has signed a joint-stock and operational
agreement with
Rosneft will have 74.9% in the project and Sinopec 25.1%,
the company has reported.
6b/ Thirty-seven Oil and Gas Fields Found in
http://www.fcinfo.ru/themes/basic/materials-rfcm-index.asp?folder=3192
Comment: As with reports of the new
oil and gas fields found in the UK sector of the North Sea, what should be
mentioned but is not (usually) is the small size of the fields compared to what
has been found in the past – the oil fields were all relatively small. At
this stage in the history of Russian oil and gas production, “For
a second consecutive year, the growth of mapped hydrocarbons reserves has
exceeded their annual production” is quite simply not good
enough. They should be finding much more than the annual production. 250 mln metric tonnes is almost 2 billion barrels. Seems like a
lot, but not for
Article: In 2006,
37 new oil and gas fields were discovered in
“For a second consecutive year, the growth of
mapped hydrocarbons reserves has exceeded their annual production. We expect
that the use of modern oil recovery technologies will raise recoverable oil
reserves by 250 mln metric tons,” Ledovskikh said…
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7/ Natural Gas Supplies Only Sufficient for 1/3 of Installed Capacity
(Resource Investor, Wed 04 Apr)
http://www.resourceinvestor.com/pebble.asp?relid=30571
Comment:
Article:
"Only
one-third of the installed capacity can be put into operation this year,"
according to Liu Yijun, a natural gas expert with the
university. The university is a top industry research organization.
According
to
"Though
the government has put a limit on natural gas power project development, there
has already been a good amount of investment capital injected into projects
under construction, and [investors] are unlikely to reverse their plans,"
said Liu.
China
National Petroleum Corp., the country’s top oil and gas producer,
produced a total of 44 bcm last year.
In addition
to power generation, residential and industrial demand for natural gas is also
soaring, due to a runaway economy and the government’s campaign to
increase its involvement in the country’s energy consumption, said Liu.
Today,
China National Petroleum Corporation (CNPC), the parent of PetroChina
Co Ltd (HK 0857), has set a 2007 natural gas output target of 54 bcm, up from
44.5 bcm in 2006.
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8/ Qatargas LNG ventures advance talks
to divert cargoes to
Comment: This is one of the most
important, but least discussed, issues in the supply of natural gas. How much LNG from
Article: [Last paragraph] … Since most of the western buyers of
the Qatargas 2, 3 and 4 projects also have a stake in
the production facilities, they are amenable to diverting some cargoes away
from European or US destinations to the highest-paying market should the
opportunity arises. In fact, the contracts between
higher-priced
markets and provide for the sharing of profits between the producer and the
original buyer from such diversion sales.
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9/ Government spending to boost
http://archive.gulfnews.com/articles/07/04/01/10115135.html
Comment: Odd that Riyadh Bank, in a
research report, should be forecasting Saudi oil production for
the year ahead. What does Riyadh Bank know that we do not?
Article: Saudi
oil production is expected to fall from an average 9.12 million barrels per day
in 2006 to 8.44 million bpd in 2007.
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10/ Big Oil spends more, only some see 2007 output up
(Reuters, Fri 30 Mar)
Comment: <<"The
international oil companies are facing a tough challenge," said Fatih Birol, chief economist at
the International Energy Agency, adviser to industrialized countries.
"Their existing fields are declining and they do not have access to major
oil reserves.">> Seems like Fatih is
saying international oil companies have peaked/are peaking.
Article: The world's five largest
fully publicly traded oil firms are planning to invest billions of dollars more
this year but extra spending may not translate into higher production.
Exxon Mobil Corp. (XOM.N: Quote, Profile, Research),
Royal Dutch Shell Plc, BP Plc, Total SA (TOTF.PA: Quote, Profile, Research) and
Chevron Corp. plan up to a total of $97 billion in capital spending this year,
up around 9 percent from 2006. BP (BP.L: Quote, Profile, Research), Chevron
(CVX.N: Quote, Profile, Research) and Shell (RDSa.L:
Quote, Profile, Research) have also said output may fall in 2007.
"Most companies have dressed down their volume
growth estimates," said Jason Kenney, analyst at ING in
... In addition, oil and gas resources are
increasingly in places where production is technically more difficult, such as
offshore the
"The international oil companies are facing a
tough challenge," said Fatih Birol,
chief economist at the International Energy Agency, adviser to industrialized
countries.
"Their existing fields are declining and they do
not have access to major oil reserves."
Oil and gas output rose 4.2 percent at Exxon last year
and by 6 percent at Chevron. BP's output fell by 2.2 percent, Shell's 1.3
percent and Total's 5 percent...
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11/ Warning of bad hurricane season
(BBC News, Tue 03 Apr)
http://news.bbc.co.uk/1/hi/world/americas/6524017.stm
Article: Experts are again predicting
a busy Atlantic hurricane season, with up to 17 named tropical storms forming -
nine of which could become hurricanes.
At least one major storm is expected to make landfall
in the
Last year, leading forecasters wrongly predicted a bad
hurricane season.
However the record-breaking 2005 season saw 15
hurricanes, including Katrina which devastated
Another forecaster, London-based Tropical Storm Risk,
has likewise predicted 17 tropical storms, nine of them hurricanes, for the
2007 season.
"We have increased our forecast for the 2007
hurricane season, largely due to the rapid dissipation of El Nino
conditions,"
"We are now calling for a very active hurricane
season. Landfall probabilities for the 2007 hurricane season are well above
their long-period averages," they said.
The researchers said the upsurge in storm activity
could be anticipated because of an end of warm-water El Nino activity in the
Pacific, which resulted in milder weather on the US Atlantic coast last year
and a downturn in hurricane activity.
"Tropical and
The 2005 season broke records with a total of with 28
storms and 15 hurricanes. Hurricane Stan, which hit
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12/ Britons' wealth 'relies on homes'
(BBC News, Tue 03 Apr)
http://news.bbc.co.uk/1/hi/business/6522525.stm
Comment: The important bit of this
article is the last section, quoted below. What happens if interest rates go up
say 2-3 percent? You may remember an article in ODAC News 16 Nov 2006 where the
Governor of the Bank of England warned all
Article: … The fact that so much
of
In recent years, many people have borrowed against the
increased value of their home to fund consumer spending, pay off other debts or
fund home improvements.
The concern is that rises in
The Bank of England's Monetary Policy Committee (MPC)
meets on Wednesday to discuss the next move in
Most experts are expecting the MPC to keep rates
steady, but a rise from their current level of 5.25% is a possibility.
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13/ Near-Term Uranium Market Could Get ‘Very Ugly’
(Seeking Alpha, Mon 02 Apr)
http://utility.seekingalpha.com/article/31324
Comment: Oil, natural gas, coal,
uranium - all likely to give us supply/demand issues in the near future, unless
we hit a recession.
Article: … Earlier this past
week, Entergy Corp’s director of nuclear fuel told Dow Jones MarketWatch, “There’s a period where the market
is going to be very ugly from a buyer’s standpoint.” The New
Orleans-based nuclear utility holds the second largest number of nuclear power
plants behind Exelon Corp. Nuclear fuels vice
president for Exelon Corp Jim Malone expects the
impact of the rising uranium price to impact utilities at some unspecified
future date, but not now…
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14a/ World oil production to peak in 15-25 years, AAPG told
(Oil and Gas Journal, Wed 04 Apr)
Comment: Oil and Gas journal, so
article only available to non-subscribers for one week. Whole article below.
ODAC understands that this was no ordinary
get-together within the oil and gas industry. It was invitation only, and all
participants were experts in oil/petroleum original geological field data,
except the representatives from the USGS who were co-organisers. It is to be
hoped that a full report from the conference will be published. This was an oil
‘reserves’ conference, not a ‘production’ conference.
The peak years of 2020-30 are quite simply not credible and not consistent with
“the rate will be 90-100 million b/d”. Looking at IEA forecasts for
growth in global oil production to 2011, we will reach 90 Mb/d about 2009.
2009! My guess is 2020-30 is a political statement, and perhaps has Robert
Hirsch’s et al report Peaking of World Oil Production: Impacts, Mitigation
& Risk Management in mind: “Initiating a mitigation crash
program 20 years before peaking appears to offer the possibility of avoiding a
world liquid fuels shortfall for the forecast period”.
A vital
opportunity lost by the AAPG to put Peak Oil on the political radar.
Article: … The world is consuming
oil at a rate that will result in oil production peaking in 15 to 25 years, a
group of geoscientists told the American Association of Petroleum Geologists'
annual convention in
When world oil production reaches the peak by 2020-30,
the rate will be 90-100 million b/d, only 10-20% higher than it was in 2005.
Depending on the level of world oil resources, which is highly uncertain, that
peak is likely to last 20-30 years before production begins its ultimate
decline.
The estimates are released for the first time
following an AAPG Hedberg Research Conference held in
November 2006 in
Richard Nehring, chairman of
that conference, said present estimates of conventional and unconventional
world oil resources range from 3.4 to 5 trillion bbl. "These estimates of
technologically and economically feasible world oil potential fall in the
optimistic range of published estimates of world oil resources," Nehring said.
The world took more than 140 years to consume the first
trillion barrels produced since the Drake well in
Recovery growth, not discoveries, has been the major
contributor to world oil production in the last 25 years. Growth in recovery
above the initial estimates has been shown to be two and a half times
internationally and more than eight times in the
Worldwide, about 300 billion bbl of known oil, or
about a 10-year supply, is either undeveloped or not on production.
About 50% of the world's oil has characteristics
acceptable for enhanced oil recovery application, but EOR is currently applied
to about 11%.
Extrapolating past trends of recovery growth from
existing fields adds about 1 trillion bbl to the overall ultimate production
expectation, about 200 billion bbl of which would come from EOR.
Sustaining higher production rates will require higher
costs, the research group found.
The 75 conference participants came from 18 countries
on all six populated continents.
14b/ Oil peak predicted
for year 2020 - Petroleum experts present their findings at gathering
(Long Beach Press-Telegram [
http://www.presstelegram.com/business/ci_5587816
Comment: Hopefully even a Peak year of
2020 will arouse some attention. However, the article still gives an impression
of nothing-to-worry-about, for now. Here are a couple of gems from the article:
“Fueled
in part by rapidly expanding economies in
“Increasing
production from regions of northern
Article: … Development of the
globe's remaining untapped oil reserves will push world production to its
ultimate peak as early as 2020, before a long, slow decline begins near
mid-century, petroleum experts predicted Tuesday.
Peak production levels, estimated to reach 950 million
barrels daily, are expected to last between 20 and 30 years before gradually
tapering off, giving economies across the globe a final window of opportunity
to begin transitioning to alternative energy sources or face increasingly
fierce competition for the fossil fuel, authorities said at the annual American
Association of Petroleum Geologists convention in Long Beach.
"The peak in world oil production is not
imminent, but is nevertheless foreseeable," said Richard Nehring, an independent petroleum geologist who addressed
the conference Tuesday. "Ultimately, world oil production decline will be
inescapable in the latter half of the 21st century."
... New and emerging oil reserves in the Arctic, off
the coasts of western Africa and
To meet expected demand, production needs to rachet up by at least 5 million barrels daily, experts
said.
... Fueled in part by
rapidly expanding economies in
... Increasing production from regions of northern
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15/ Going "Green" - thinking beyond Peak Oil!
(British National party, Fri 09 Mar)
http://www.bnp.org.uk/reg_showarticle.php?contentID=2159
Comment: The BNP are the
Article: … Gloucestershire
correspondent reports.
We are constantly being told by the Government that
we, as a nation, must reduce the size of our “Carbon footprint”.
The fact that we are adding, net, some 250,000 people to our population each
year through immigration – whom, in aggregate, adds significantly to that
footprint – and probably cancels out any reduction made by the current
population - appears to have escaped this government!
If the government were serious on this issue then they
would halt immigration immediately.
However, having said that, we can all make a
contribution – by walking to the local shops for our groceries or taking
the kids to school on foot – rather than using the car.
Indeed if we all just used the car solely for those
journeys that are impossible by foot then we, our kids and our wallets would be
that little bit more healthier (and wealthier)!
Our Gloucestershire correspondent this morning
recommends a recent Panorama programme in connection with “going
green” – which is in many cases is easier said than done! The
programme may be viewed here - standalone RealPlayer recommended.
British National Party – Thinking beyond Peak
Oil.
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