IHS Cera’s latest report on oil supply concludes that output is set to grow through 2030, with no peak evident. And while there are doubters out there, who contend oil already has peaked or is in the process of peaking, this latest report on the subject notes that 60 per cent of the more than 1,000 fields examined in detail in the study were found to have production levels that were either steady or climbing.
It is really no surprise to those in the industry, who note that technology continues to open up resources that many were certain were going to have to be left in the ground. Time was when the technology was not there to extract the resources, in many cases, or not to do so economically. But technology advancements are ever-present in the energy industry. Just take a look at the natural gas boom.
