Abstract
Combining geological knowledge with proven plus probable (“2P”) oil discovery data indicates that over 60 countries are now past their resource-limited maxima of conventional oil production. The data show that the maximum of global conventional oil production is imminent. Many analysts who rely on only proven (“1P”) oil reserves data draw a very different conclusion. But proven oil reserves data contain no information about the true size of discoveries, being variously underreported, overreported, and not reported. In addition to conventional oil, the world contains large quantities of nonconventional oil. However, many current detailed models show that past the conventional oil peak the nonconventional oils will not come onstream fast enough to offset the decline in conventional oil production.
Published Version
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call