• 20 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 22 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 1 day Syrian Rebels Relinquish Control Of Major Gas Field
  • 1 day Schlumberger Warns Of Moderating Investment In North America
  • 1 day Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 1 day Energy Regulators Look To Guard Grid From Cyberattacks
  • 1 day Mexico Says OPEC Has Not Approached It For Deal Extension
  • 1 day New Video Game Targets Oil Infrastructure
  • 1 day Shell Restarts Bonny Light Exports
  • 1 day Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 2 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 2 days British Utility Companies Brace For Major Reforms
  • 2 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 3 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 3 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 3 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 5 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
Alt Text

Has The Bear Market In Oil Finally Ended?

Recent data provides reasons to…

Alt Text

Draw In Crude Inventories Lifts Oil Prices

Oil prices reversed course on…

Alt Text

Saudi Arabia Looks To Shelve Aramco IPO

Saudi sources have confirmed that…

Professor Chris Rhodes

Professor Chris Rhodes

Professor Chris Rhodes is a writer and researcher. He studied chemistry at Sussex University, earning both a B.Sc and a Doctoral degree (D.Phil.); rising to…

More Info

UK Government Predicting Peak Oil Within 5 Years

UK Government Predicting Peak Oil Within 5 Years

The UK Secretary for Energy and Climate Change, Chris Huhne, has committed to establish an "Oil Shock Response Plan" to cope with some of the consequences of peak oil (http://www.businessgreen.com/bg/news/2072738/exclusive-government-develop-oil-shock-response-plan). While there remains dissent as to the facts of peak oil, a growing body of experts think that the phenomenon will occur at some point during the next five years. On a recent BBC radio 4 broadcast (March 27th) a former president of Shell, John Hofmeister, reckoned that there was no problem with the production of oil meeting demand for it until 2050/2060. This kind of estimate includes various kinds of unconventional oil for which the EROEI (Energy Returned on Energy Invested) is far lower than for the cheap readily available conventional oil on which the modern global world depends.

Specifically, there are reckoned to be 1.2 trillion barrels of conventional oil and another 3.7 trillion barrels of unconventional oil, which includes oil-shale and tar-sands. Neither of these resources contain "oil" as such, but kerogen and bitumen, respectively, which need to be processed into fuel using substantial amounts of energy and water. By way of comparison, the EROEI for conventional oil is reckoned at somewhere between 11 and 18 (it was 100 for the original Texan "gushers") while it is around 3 for these unconventional sources. The Hirsch report, published in 2005, concluded that to avoid major disruptions, we need to plan 20 years before the arrival of the oil peak, and that we just don't have.

While details of the British plan are yet to be disclosed, it is said that consideration would be made of how to protect the UK economy "if we knew that the oil price would soar to $250 in 2014." This follows Huhne's previous mandate to "wean Britain off oil" by introducing thousands of electric car charging points. It remains less clear where the electricity will come from, other than from fossil fuels (http://blogs.forbes.com/energysource/2011/04/07/the-heretic-electric-cars-should-be-called-coal-cars/), or how long it will take and what material resource challenges will be manifested in the manufacture of sufficient electric cars to substantially supplant the 30 million cars on British roads.

By. Professor Chris Rhodes

Professor Chris Rhodes is a writer and researcher. He studied chemistry at Sussex University, earning both a B.Sc and a Doctoral degree (D.Phil.); rising to become the youngest professor of physical chemistry in the U.K. at the age of 34.
A prolific author, Chris has published more than 400 research and popular science articles (some in national newspapers: The Independent and The Daily Telegraph)
He has recently published his first novel, "University Shambles" was published in April 2009 (Melrose Books).
http://universityshambles.com




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News