Featured Research

from universities, journals, and other organizations

World Oil Production Close To Peak

Date:
April 1, 2007
Source:
Uppsala University
Summary:
In a worst-case scenario, global oil production may reach its peak next year, before starting to decline. In a best-case scenario, this peak would not be reached until 2018. These are the estimates made by Fredrik Robelius, whose doctoral dissertation estimates future oil production on the basis of the largest oil fields. The dissertation will be publicly defended at Uppsala University in Sweden on March 30.

In a worst-case scenario, global oil production may reach its peak next year, before starting to decline. In a best-case scenario, this peak would not be reached until 2018. These are the estimates made by Fredrik Robelius, whose doctoral dissertation estimates future oil production on the basis of the largest oil fields. The dissertation will be publicly defended at Uppsala University in Sweden on March 30.

Fredrik Robelius bases his forecasts on studies of global oil reserves, historical production, and new finds. He focuses on the very largest oil fields, so-called giant fields, which produce a total of at least 500 million barrels of oil.

Giant fields comprise only about one percent of all oil fields in the world, but they nevertheless account for more than 60 percent of total production. Unfortunately, the trend is heading downward when it comes to new giant-field discoveries, both in terms of the number of fields and the volume of the fields located. The majority of the largest giant fields are found around the Persian Gulf and are more than 50 years old.

“The dominance of giant fields in global oil production supports the thesis that they will be crucial to what future production will look like," says Fredrik Robelius.

He developed a model based on historical production, the total exploitable reserves of the giant fields, and their rate of diminution. The model assumes that oil fields have a constant rate of diminution, which Robelius has verified by studying a number of giant oilfields where production has waned. The analysis shows that an annual rate of diminution between 6 and 16 percent is reasonable.

To be sure that the future production of a field will wind up inside the interval of the model, Robelius used both pessimistic and optimistic estimates. Then he combined the results from the model with field forecasts for deep-water production, new finds, oil sand in Canada, and heavy oil in Venezuela to construct his forecasts.

“All cases studies show that global oil production will begin to drop off at roughly the same time as the giant fields. According to the most pessimistic scenario, the peak will be reached in 2008, whereas the most optimistic scenario, assumed to follow a 1.4-percent annual increase in demand, places the peak in 2018."


Story Source:

The above story is based on materials provided by Uppsala University. Note: Materials may be edited for content and length.


Cite This Page:

Uppsala University. "World Oil Production Close To Peak." ScienceDaily. ScienceDaily, 1 April 2007. <www.sciencedaily.com/releases/2007/03/070330100802.htm>.
Uppsala University. (2007, April 1). World Oil Production Close To Peak. ScienceDaily. Retrieved April 17, 2014 from www.sciencedaily.com/releases/2007/03/070330100802.htm
Uppsala University. "World Oil Production Close To Peak." ScienceDaily. www.sciencedaily.com/releases/2007/03/070330100802.htm (accessed April 17, 2014).

Share This



More Earth & Climate News

Thursday, April 17, 2014

Featured Research

from universities, journals, and other organizations


Featured Videos

from AP, Reuters, AFP, and other news services

Change of Diet Helps Crocodile Business

Change of Diet Helps Crocodile Business

Reuters - Business Video Online (Apr. 16, 2014) Crocodile farming has been a challenge in Zimbabwe in recent years do the economic collapse and the financial crisis. But as Ciara Sutton reports one of Europe's biggest suppliers of skins to the luxury market has come up with an unusual survival strategy - vegetarian food. Video provided by Reuters
Powered by NewsLook.com
How Mt. Everest Helped Scientists Research Diabetes

How Mt. Everest Helped Scientists Research Diabetes

Newsy (Apr. 15, 2014) British researchers were able to use Mount Everest's low altitudes to study insulin resistance. They hope to find ways to treat diabetes. Video provided by Newsy
Powered by NewsLook.com
The Walking, Talking Oil-Drigging Rig

The Walking, Talking Oil-Drigging Rig

Reuters - Business Video Online (Apr. 15, 2014) Pennsylvania-based Schramm is incorporating modern technology in its next generation oil-drigging rigs, making them smaller, safer and smarter. Ernest Scheyder reports. Video provided by Reuters
Powered by NewsLook.com
In Washington, a Push to Sterilize Stray Cats

In Washington, a Push to Sterilize Stray Cats

AFP (Apr. 14, 2014) To curb the growing numbers of feral cats in the US capital, the Washington Humane Society is encouraging residents to set traps and bring the animals to a sterilization clinic, after which they are released.. Duration: 02:29 Video provided by AFP
Powered by NewsLook.com

Search ScienceDaily

Number of stories in archives: 140,361

Find with keyword(s):
Enter a keyword or phrase to search ScienceDaily for related topics and research stories.

Save/Print:
Share:

Breaking News:
from the past week

In Other News

... from NewsDaily.com

Science News

Health News

Environment News

Technology News



Save/Print:
Share:

Free Subscriptions


Get the latest science news with ScienceDaily's free email newsletters, updated daily and weekly. Or view hourly updated newsfeeds in your RSS reader:

Get Social & Mobile


Keep up to date with the latest news from ScienceDaily via social networks and mobile apps:

Have Feedback?


Tell us what you think of ScienceDaily -- we welcome both positive and negative comments. Have any problems using the site? Questions?
Mobile: iPhone Android Web
Follow: Facebook Twitter Google+
Subscribe: RSS Feeds Email Newsletters
Latest Headlines Health & Medicine Mind & Brain Space & Time Matter & Energy Computers & Math Plants & Animals Earth & Climate Fossils & Ruins