OIL TO PEAK BY 2030, PETROLEUM GEOLOGISTS TOLD

M. King Hubbert’s generations stand up for him:

World oil production to peak in 15-25 years, AAPG told
Alan Petzet, April 4, 2007 (Oil and Gas Journal)

WHO
The American Association of Petroleum Geologists, Richard Nehring, chairman of the AAPG Hedberg Research Conference

WHAT
The American Association of Petroleum Geologists Hedberg Research Conference findings on Peak Oil. Production is expected to peak in 15 to 25 years at 90-100 million barrels per day.

WHEN
Findings announced at the AAPG annual convention this past weekend: Production is expected to peak sometime between 2020 and 2030, last 20-30 years and then decline.


WHERE
The conference was in Long Beach, CA, but the peak pertains to world production. (Long Beach peaked when the PHI symposium broke up and the Leechs left.)

WHY
New discoveries and enhanced recovery methods cannot compensate for unprecedented world energy demand. Best estimates suggest at most a trillion barrels can be added to the 1.1 -- 1.5 trillion barrels of reserves remaining in the world.

QUOTES
“The world took more than 140 years to consume the first trillion barrels produced since the Drake well in Pennsylvania in 1859. Consumption of the second trillion barrels will occur within only 30 years.”