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ExxonMobil Peak Oil; what was actually said in Adelaide PDF Print E-mail
Mark Nolan – Chairman, ExxonMobil Australia. Part of speech at SPE Asia Pacific Oil & Gas Conference 11th September 2006 ...

We have been very successful in the oil industry for a very long time so we in the industry know that the world is not in danger of running out of oil any time soon.We hear all sorts of so-called experts predicting the end of the world's oil supplies. Or the end of what they call the era of easy oil.There has never been an era of “easy oil” – our industry has constantly operated at the technological frontier. Oil only seems easy after it has been discovered, developed and produced.These peak-oil predictions are not new. They have been occurring, particularly at times of high prices, regularly since the 1920s.The fact is that the world has an abundance of oil and there is little question scientifically that abundant energy resources exist. According to the U.S. Geological Survey, the Earth currently has more than three trillion barrels of conventional recoverable oil resources. So far we have produced one trillion of that.Conservative estimates of heavy oil and shale oil push the total recoverable resource to over four trillion barrels. It is also important to note that as an industry and as a society we have always underestimated the global resource base and the ability of technology to extend both the life of oil and gas fields, and to find new resources.We should not forget that we can recover almost twice as much oil today as when we first discovered it over 100 years ago. And when you consider that a further 10% increase in recoverability will deliver an extra 800 billion barrels of oil to our recoverable total we have reason to be sure that the end of oil is nowhere in sight.More importantly however we have a responsibility to communicate these basic facts to opinion leaders so that they can make sound, long-term policy decisions

.....There is no doubt that we face formidable commercial and technical challenges in our daily work but we also need to work harder to share our knowledge with our political leaders and the broader public. And our political leaders have a responsibility to take a long term view and act based on facts.

ASPO-Australia comment: Peak Oil is not "running out of oil", nor "the end of the world's oil supplies". It is just when the rate of global oil production begins its final decline, probably soon. There will be lots of oil produced after Peak Oil, just not as much each year as at the Peak. Mr Nolan provides no information at all about future global production rates, which define when Peak Oil will occur. He talks only about the very speculative USGS "estimates" about how much oil might eventually be recoverable. This is a fine example of corporate spin, free from any relevant facts. [BWR]

Smoke, Mirrors and Hot Air:  How ExxonMobil uses Big Tobacco's Tactics to Manufacture Uncertainty on Climate Science.    Union of Concerned Scientists, January 2007.   Could there be some similarities with ExxonMobil's campaign against Peak Oil?.
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