" />
Building a world of
resilient communities.

MAIN LIST

 

ODAC Guest Commentary - BP Marathon oil find

BP chief executive Tony Hayward stressed the company's commitment to the North Sea during its results press conference this week, saying it would continue to produce there "until we put the lights out". When I asked him when that would be, Mr Hayward said production would continue for at least 15-20 years, but that this would depend on the tax regime. The province faces declining production and rising costs, he said, so "the fiscal structure needs to continue to develop to ensure that all of the marginal barrels are developed". So it seems BP's commitment to the North Sea is absolute — provided the government cuts the tax take.

Asked whether he agreed with Shell chief executive Jeroen van der Veer's judgment that "easy oil" would peak by 2015, Mr Hayward said "The question I always have in my mind is what's conventional and what's non-conventional. My personal view is that peak oil will occur more likely driven by demand than supply, and I don't expect that to occur in 2015". The idea that peak oil will be driven by demand not supply echoes exactly what Lord Browne told me in Abu Dhabi recently — so there seems to be no change in BP's position on peak, despite the change in chief executive.

David Strahan is author of The Last Oil Shock: A Survival Guide to the Imminent Extinction of Petroleum Man, and a trustee of ODAC.

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Make connections via our GROUPS page.
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

Tags:  

Peak Oil Review - Sept 1

A weekly review including: Oil and the Global Economy, The Middle East & …

A Big Summer Story You Missed: Soaring Oil Debt

Last July the government agency, which has collected mundane statistics on …

Global Biofuels Status Update

Today I want to take a deep look at the global biofuels picture, drawing …

Peak oil notes - August 28

A mid-week update. Oil prices have been quiet this week trading around the …

Update on US natural gas, coal, nuclear, renewables

On August 6, I wrote a post called Making Sense of the US Oil Story, in …

The Peak Oil Crisis: When?

 The key question is just how many more months or years will production …

Community energy in Ireland: the technological aspects

It is important to keep in mind that technologies aren’t neutral.