BP CEO: peak oil theories “increasingly groundless.”

January 16, 2013 Oil 

Guardian: “Bob Dudley’s remarks came as the company published a study predicting oil production will increase substantially, and that unconventional and high-carbon oil will make up all of the increase in global oil supply to the end of this decade, with the explosive growth of shale oil in the US behind much of the growth.”

“As a result, the oil and gas company forecasts that carbon dioxide emissions will rise by more than a quarter by 2030. BP predicts that by 2030, the US will be self-sufficient in energy, with only 1% coming from imports, the company’s analysts predict. That would be a remarkable turnaround for a country that as recently as 2005, before the shale gas boom, was one of the biggest global oil importers. ….Dudley said the report showed that peak oil was not going to happen any time soon. “The outlook shows the degree to which once-accepted wisdom has been turned on its head. Fears over oil running out – to which BP has never subscribed – appear increasingly groundless. The US will not be increasingly dependent on energy imports, with energy set to reinvigorate its economy. And China and India are expected to need a lot more imports to keep growing.”  ….Christof Rühl, chief economist at BP Group, said other countries could mimic the US in shale only if they put the right conditions in place: “Vast unconventional reserves have been unlocked in the US, with oil production following gas. This delivery has been made possible not only by the resources and technology, but also by ‘above-ground’ factors such as a strong and competitive service sector, land access facilitated by private ownership, liquid markets and favourable regulatory terms.”
JL: Blog to come.

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