Post by MProffitt on Jun 8, 2004 18:01:39 GMT -5
Is the world's oil running out fast?
By Adam Porter
at the Peak Oil conference in Berlin
How long will the oil keep flowing?
If you think oil prices are high at $40 a barrel then wait till they are four times that much.
His work on oil reserves has long suggested that many official oil data are either flawed estimates or at worst downright lies.
Scandals like the 23% of 'lost' reserves at Royal Dutch Shell have helped to boost interest in his work.
Some recent figures tend to back up ASPO's outlook.
North Sea production is declining at an increasing rate, having peaked in 1999.
Not at the predicted flat rate of decline of 7%, but gradually accelerating from 7% to 8.5% to 11%.
And the number of major new oil fields discovered around the world fell to zero for the first time in 2003, despite an obvious increase in technological expertise.
"We need transparency with the figures," says Dr Campbell.
And Dr Campbell has a dire warning: "If the real figures were to come out there would be panic on the stock markets, in the end that would suit no one."
news.bbc.co.uk/1/hi/business/3777413.stm
By Adam Porter
at the Peak Oil conference in Berlin
How long will the oil keep flowing?
If you think oil prices are high at $40 a barrel then wait till they are four times that much.
His work on oil reserves has long suggested that many official oil data are either flawed estimates or at worst downright lies.
Scandals like the 23% of 'lost' reserves at Royal Dutch Shell have helped to boost interest in his work.
Some recent figures tend to back up ASPO's outlook.
North Sea production is declining at an increasing rate, having peaked in 1999.
Not at the predicted flat rate of decline of 7%, but gradually accelerating from 7% to 8.5% to 11%.
And the number of major new oil fields discovered around the world fell to zero for the first time in 2003, despite an obvious increase in technological expertise.
"We need transparency with the figures," says Dr Campbell.
And Dr Campbell has a dire warning: "If the real figures were to come out there would be panic on the stock markets, in the end that would suit no one."
news.bbc.co.uk/1/hi/business/3777413.stm