TITLE

Global Oil Production About To Peak? A Recurring Myth

AUTHOR(S)
Cavaney, Red
PUB. DATE
January 2006
SOURCE
World Watch;Jan/Feb2006, Vol. 19 Issue 1, p13
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article focuses on the forecasts that world oil production is "peaking," and that we will face a steadily diminishing oil supply to fuel the global economy. The world consumes approximately 80 million barrels of oil a day. By 2030, world oil demand is estimated to grow about 50 percent, to 121 million barrels a day, even allowing for significant improvements in energy efficiency. The International Energy Agency says there are sufficient oil resources to meet demand for at least the next 30 years. The key factor in it is technology. Revolutionary advances in technology in recent years have dramatically increased the ability of companies to find and extract oil. It used to be that wellbores were basically vertical holes. This made it necessary to drill virtually on top of a potential oil deposit. However, the advent of miniaturized computers and advanced sensors that can be attached to the drill bit now allows companies to drill directional holes with great accuracy because they can get real-time information on the subsurface location throughout the drilling process.
ACCESSION #
19247902

 

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