Peak Oil News >> Production; Extraction; Exploration >> Oil Companies Go Slow On Exploration, Output Despite Spike In Crude

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Oil Companies Go Slow On Exploration, Output Despite Spike In Crude

Guest writes:
Note last several paragraphs quoting Simmons. They can't bring themselves to admit companies are not spending money because they don't want to drill dry holes but are coming close by quoting Simmons. He is really saying the peak will have occured by 09.

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Posted on Tuesday, August 31 @ 09:47:57 PDT by admin

Most read story about Production; Extraction; Exploration:
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Re: Oil Companies Go Slow On Exploration, Output Despite Spike In Crude (Score: 1)
by Jack (spam@bitbucket.com) on Tuesday, August 31 @ 19:54:00 PDT
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"We won't have big increases in production anytime soon, at least before 2009," Simmons said. "It's a reversal of economics since high prices won't do anything to supply." Simmons says the total projects set to come on stream will add 6 to 8 million barrels of oil a day by 2009. But production declines will mean 11 million barrels a day will likely be gone by then.

I read this to say that we'll have a net decline in oil production during the period prior to 2009 - in other words, that the Peak is now.

Re: Oil Companies Go Slow On Exploration, Output Despite Spike In Crude (Score: 1)
by o_brien21 on Tuesday, May 30 @ 04:46:22 PDT
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Re: Oil Companies Go Slow On Exploration, Output Despite Spike In Crude (Score: 1)
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