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TOTAL: "120 million barrels per day will never be reached" |
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Monday, 10 April 2006 |
Christophe de Margerie, head of exploration and the likely future chairman of TOTAL, has acknowledged that oil production capacity will never reach the huge targets forecast by the international Energy Agency.
From the UK Times:
http://www.timesonline.co.uk/newspaper/0,,175-2124287,00.html
The world is mistakenly focusing on oil reserves when the problem is capacity to produce oil, M de Margerie said in an interview with The Times. Forecasters, such as the International Energy Agency (IEA), have failed to consider the speed at which new resources can be brought into production, he believes. “Numbers like 120 million barrels per day will never be reached, never,” he said
In a second more detailed interview de Margerie acknowledges peak oil:
http://business.timesonline.co.uk/article/0,,13130-2124075,00.html "People are failing to deal with the reality of the price, which has nothing to do with speculators or even any lack of reserves, which are ample. "It is a problem of capacities and of timing," de Margerie says. "This is the real problem of peak oil."
The IEA has predicted that the industry needs to produce 121mbd of oil by 2030 to meet growing demand. TOTAL's frank dismissal of this possibility falls in with Chevron's acknowledgement of the difficulties of increasing oil production bu huge amounts. Both are in sharp contrast to Exxon Mobil's recent ads claiming there is "no peak in sight ''.
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