Oil production could peak in a decade
World-wide oil production could peak before 2020, according to a report by the UK Energy Research Centre (UKERC).
The report, released this morning (8 October) states the globe is entering an era of slow and expensive oil as resources get harder to find, extract and produce.
Acording to the report oil production is ‘likely’ to peak before 2030, with a ‘significant risk’ of a peak before 2020.
It dismisses new oil discoveries, like the find in the Gulf of Mexico, claiming these will only ‘delay the peak’ by a matter of days or weeks.
In order to maintain current production levels around the world discoveries the size of Saudi Arabia would need to be found every three years.
It also concludes the UK Government is not alone among world leaders by being ‘unprepared’ for the end of oil.
UKERC’s senior researcher and chief author of the report, Steve Sorrell, said: “In our view, forecasts which delay a peak in conventional oil production until after 2030 are at best optimistic and at worst implausible.
“And given the world’s overwhelming dependence upon oil and the time required to develop alternatives, 2030 isn’t far away.
“The concern is that rising oil prices will encourage the rapid development of carbon-intensive alternatives which will make it difficult or impossible to prevent dangerous climate change.”
To read the report click here.