Oil Production in the 21st Century and Peak Oil
The
Deepwater Horizon incident demonstrated that most of the oil left is
deep offshore or in other locations difficult to reach. Moreover, to
obtain the oil remaining in currently producing reservoirs requires
additional equipment and technology that comes at a higher price in both
capital and energy. In this regard, the physical limitations on
producing ever-increasing quantities of oil are highlighted, as well as
the possibility of the peak of production occurring this decade. The
economics of oil supply and demand are also briefly discussed,…Read more...
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