Thursday, March 24, 2011

(GS) Beyond “Peak Oil” – Thoughts on Oil & the Middle East

Matthew Simmons

A book that I [Penn Energy] have read and highly recommend is Twilight in the Desert by Matthew Simmons, who was a Houston-based analyst and investment banker in the energy field for several decades. 
He died last year. He is best known for championing the ‘Peak Oil’ thesis, which was first broached by M. King Hubbert, a U.S. geologist, who accurately predicted that U.S. oil production would peak in the early 1970′s.

The World Beyond ‘Peak Oil’

Using Mr. Hubbert’s work, others, including Mr. Simmons, have predicted that global oil production would peak around 2005-2010, or, perhaps, effectively, soon after. Anyextra production would have to come from either: unconventional sources, such as oil sands or other heavy deposits, or oil shale; deepwater or arctic frontier plays; or by using extraordinary enhanced oil recovery (‘EOR’) methods in existing fields, wells or formations, perhaps to the extent of overproducing and damaging these older, or ‘legacy,’ conventional reservoirs. More >>>

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