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World's oil not leaving the scene anytime soon

 


PORT SPAIN
Petroleumworld.com 02 06 2017


THE fuels that will enjoy a long-lasting future are natural gas and renewables (RE), according to energy analysts, though oil production is not going into terminal decline, as predicted by geologist, M King Hubbert back in 1956.

He said then that crude output worldwide would never exceed 33 million barrels per day (mmbd).

It is now 97 mmbd.

International oil company, BP, says proven oil reserves have risen by 50 per cent in the past 20 years and can last for another 50 years at current rates of production, thanks largely to the development of oil from shale rock, particularly in the United States.

Mark Carney, governor of the Bank of England, tells us that up to 80 per cent of fossil fuel reserves could be left “stranded” because oil companies see little sense in going after them.
Hubbert's theory has now been up-ended to read, not “peak oil” but “peak demand.”

RE and gas will be taking over from oil in one of the main areas of use – power generation. Gas has long been employed in power generation in Trinidad and Tobago and the rest of the world is now catching up with us.



Story by David Renwick from Trinidad Express

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