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Page added on August 27, 2012

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Energy expert says world’s oil production has peaked

Production

Every year in August there is a weeklong event, the Oil & Gas Conference. It’s in Denver and draws an international audience. By most accounts EnerCom is the best on the schedule.

This year 121 companies were scheduled to make presentations. If I were allowed to hear only one presentation, and attend one breakout session, I’d choose Core Labs — hands down.

“The maximum yearly oil production of the planet is taking place now!” That came from the CEO of a Netherlands-based company that has 70 offices in 50 countries worldwide. Their business is analyzing drilling results for all major companies and hundreds of smaller firms in the global energy-finding industry.

The company, Core Labs (NYSE: CLB $121), has a unique view of the big picture that few, if any, others could envision. As a byproduct of their normal business activities, CLB accumulates data about the current status of all major oil and gas basins on the planet. Annual revenues are $1 billion.

While an exploration company is drilling, CLB evaluates the rock samples and evaluates the potential of finding oil and gas below. After an oil or gas field is producing, CLB helps the well operators to extract the maximum amount of hydrocarbons from the reservoir. Information that extensive about all the major energy basins in 50 countries is a unique collection of data.

Never very bashful in the breakout session, CEO Dave Demshur readily offered his thoughts about the big energy picture. When queried about predictions of increased oil availability he took the under in most cases. Basically he looks for flat, or lower, future oil generation from Mexico, Iraq, Iran, North Sea, Russia, and the shocker — Saudi Arabia.

Demshur is a “peak oil” proponent, meaning that at some point the oil production of the planet will maximize, flatten, and then diminish. For the first time I can recall, he said we have reached the peak. His estimated planetary oil production in 2012 is an average 88 million barrels per day.

If anyone is more informed about the future supply of oil I haven’t found them. Let’s hope that his calculations are low, but if not — the 1970s may look like a picnic. By my pencil this is not a drill.

news-press.com



6 Comments on "Energy expert says world’s oil production has peaked"

  1. Arthur on Mon, 27th Aug 2012 11:03 pm 

    Beter late than never.

  2. sparky on Tue, 28th Aug 2012 1:23 am 

    .
    As usual , peak oil is coming from the best mind of the oil industry .

    the deniers are mostly from the media

  3. DMyers on Tue, 28th Aug 2012 2:42 am 

    Look, just because someone tapped into three days of oil in Backbite, Montana yesterday doesn’t mean there ain’t no peak. It is what it is. And don’t be sprucing it up with natural gas liquids, Jiffy Lube floor drippings, the inch of gas in the red plastic can BillT uses to fill up his chain saw, or the methane gathered from pig styes and public restrooms across America.

  4. Kenz300 on Tue, 28th Aug 2012 1:41 pm 

    Quote — ” “The maximum yearly oil production of the planet is taking place now!” That came from the CEO of a Netherlands-based company that has 70 offices in 50 countries worldwide. ”
    —————————-

    It is time to end the oil monopoly on transportation fuels. Bring on the electric, flex-fuel, hybrid, CNG, LNG and hydrogen fueled vehicles.

  5. SOS on Tue, 28th Aug 2012 7:18 pm 

    Im not sure what this fellow is up too. He is obviously not educated in the facts surrounding the growing reserves being developed world wide.

    There is no oil monopoly on transportation fuels. The other fuels are out there, they just are less efficient and far more expensive. When you say lets end the monopoly of fossile fuels, what you are saying is lets all pay far more for transportation and all the things dependent on it.

  6. BillT on Wed, 29th Aug 2012 12:37 am 

    SOS, you are so out there that it is laughable. Your propaganda is just ignorance or dreams of sudden wealth.

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