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Oil - May 16

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Many more articles are available through the Energy Bulletin homepage.

Peak oil debate is over, says Total chief

Adelaide Now
THE debate about peak oil is over and the world has used just a fraction of the petroleum it will be possible to extract, an expert believes.

Speaking at the Australian Petroleum Production and Exploration Association (APPEA) 2012 conference in Adelaide, oil major Total's chief executive Christophe de Margerie said new sources of petroleum, such as tight gas and shale oil, meant that the world had ample supplies of petroleum.

Mr de Margerie said while there were economic and environmental issues which would affect how quickly resources were exploited, there was "definitely not a concern about reserves''.
(14 May 2012)
Kjell Aleklett reported on Christophe de Margerie's change of heart last December. Previously he said Oil production will never top 100 mb/d. -BA

Oil Falls to 2012 Low on Greek Debt, Saudi Call for Drop

Grant Smith, Bloomberg
Oil fell below $94 a barrel in New York for the first time since December as Europe’s debt crisis worsened and Saudi Arabia’s energy minister said prices should decline further.
(14 May 2012)

Reuters global energy and envrionment summit in Houston, London, Singapore, Tokyo and Seoul

New York – More than 25 of the world’s leading names in the energy and environment sector will visit Reuters bureaus in Houston, London, Singapore, Tokyo and Seoul from May 14-17 to discuss the outlook for the energy and environment in a series of exclusives interviews. The stories and videos from the closed on-the-record sessions at the Reuters Global Energy and Environment Summit will be posted online at .

Confrontation across the Middle East Gulf, carnage in Syria, oil-led industrial revolution in North America, stagnating nuclear output, and a crisis of confidence in renewables have left the world’s energy industry in turmoil. Will war stop exports from the biggest oil producers? Will new shale oil and gas reserves meet the world’s fuel needs – or cook the Earth’s atmosphere forever? Will economic depression mean permanent decline for Western energy demand and the death of the European refining industry?

Reuters Global Energy and Environment Summit 2012 will host dozens of decision-makers in the energy and climate businesses to discuss the key questions facing the 21st century. Leading government officials, global industrialists, top energy traders and regulators will discuss how the energy industry is evolving in face of economic, environmental and market pressures.

The Summit will generate exclusive stories and investable insights, as well as online videos and blog postings. These can be seen at:

Guests speaking at the Reuters Global Energy and Environment Summit will include:

* Japan’s Minister of Economy, Trade and Industry Yukio Edano;
* International Energy Agency Chief Economist Fatih Birol;
* Mecuria President and CEO Marco Dunand;
* Mercuria Group Vice President and Head of Trading Daniel Jaeggi;
* JX Nippon Oil President Yasushi Kimura;
* UK Secretary for Energy and Climate Change Edward Davey;
* Trafigura Director of Oil Asia Pacific Jonathan Pegler;
* European Climate Commissioner Connie Hedegaard;
* European Commissioner for Energy Guenther Oettinger;
* Chevron Phillips Chemical CEO Peter Cella;
* UNFCCC Executive Secretary Christiana Figueres;

Reuters Summits bring together top executives from key industries in exclusive sessions with Reuters News global teams of specialist journalists. During the course of Reuters Summits, exclusive news stories and video interviews are posted on, providing valuable insight into specific companies, business sectors, and economies.
(14 May 2012)

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