Its not just the North Sea oil industry that will see a significant slow-down in new investment, plus lay-offs and pay-cuts for workers. It will be the same scenario in almost every oil-patch around the world. Some people say the world is running out of oil. This is clearly not true. BPs global oil & gas analysis estimates that the worlds known recoverable reserves can last for only 50 years at current rates of consumption. But everyone knows that a) every year more oil is discovered and added to reserves, and b) new technologies enhance what can be recovered from almost every oil reservoir that exists. End result: every year BPs analysis says there is only 50 years of oil remaining. So 50 years from now there will still be only 50 years of oil remaining, according to BP. In reality, of course, there is probably at least 500 years of oil remaining (Richards estimate).
Posted on: Wed, 31 Dec 2014 17:04:52 +0000
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