IHS Cera’s latest report on oil supply concludes that output is set to grow through 2030, with no peak evident. And while there are doubters out there, who contend oil already has peaked or is in the process of peaking, this latest report on the subject notes that 60 per cent of the more than 1,000 fields examined in detail in the study were found to have production levels that were either steady or climbing.
It is really no surprise to those in the industry, who note that technology continues to open up resources that many were certain were going to have to be left in the ground. Time was when the technology was not there to extract the resources, in many cases, or not to do so economically. But technology advancements are ever-present in the energy industry. Just take a look at the natural gas boom.
BG Group and Petrobras have announced they plan to set up a joint venture to produce liquefied natural gas from a floating LNG plant, putting themselves at the forefront of this emerging technology.
The plan is to use the associated gas that is present in the giant oil fields of the deep-water Santos basin, off the south coast of Brazil.
If the technology can be made to work – and it is still early days – this could be a strategic coup, opening up significant new reserves of gas, and helping Petrobras with its delicate political difficulties at home.
Anyone following prospects for the Copenhagen climate change conference recently can be forgiven for feeling mightily confused.
On Sunday, President Obama confirmed what others had said before – that Copenhagen would not produce a fully elaborated legally binding treaty, in the mould of the Kyoto protocol or its parent, the UN Framework Convention on Climate Change.
Obama renews climate pledge
Meaningful deal still seen as possible (FT)
South Korea pledges emissions cut
Will cut emissions by 4% by 2020 (FT)
Australia spending more on resource projects
Spending rose 40% to US$104bn over the last six months (Reuters)
LSE fines Regal Petroleum over Aim rule breaches
Fine of £600,000 is largest in exchange’s history (FT)
Tankers store oil as futures prices rocket
One in 12 large tankers used for storing oil than transporting it (FT)
Opinion: Forget emissions, focus on research