World Oil Production Close To Peak, Good Riddance
In a worst-case scenario, global oil production may reach its peak next year, before starting to decline. In a best-case scenario, this peak will be reached in 2018. This according to the doctoral thesis of Fredrik Robelius of Uppsala University in Sweden. He estimates future oil production on the basis of the largest oil fields.
A giant oil field contains at least 500 million barrels of recoverable oil. Only 507, or 1% of the total number of fields, are giants. Their contribution is striking: over 60% of 2005 production. However, giant fields are impending dinosaurs since a majority are over 50 years old--and fewer are being found, with less volume available within them.
Robelius' model forecasts future production from giant fields, combined with forecasts on other oil sources, to predict future oil production. In all scenarios, peak oil occurs at about the same time as the giant fields peak. The worst-case scenario sees a peak in 2008 and the best-case scenario, following a 1.4 % demand growth, peaks in 2018.--Julia Whitty