A few quotes have been flying around from an energy security panel at Davos featuring some of the world’s biggest oil and gas players.
None of the comments were a big departure from what these people have said previously. Saudi Aramco chief executive Khalid al-Falih said peak oil concerns had been ‘pushed behind’ and blamed peak oil fears for some of the recent oil price volatility. Thierry Desmarest, chairman of Total (which is probably the most peak oil-friendly of the majors) maintained it was still a problem. BP’s Tony Hayward talked about the prospects for Iraq. Daniel Yergin of CERA chaired.
Desmarest of Total later told AFP:
Pour le président du groupe français Total, Thierry Desmarest, qui participait au même débat, “le +peak oil+ reste un problème”. On atteindra “le +peak oil+ dans une dizaine d’années. On n’y est pas aujourd’hui”, a-t-il dit à l’AFP.
Which roughly translates as: peak oil is still a problem; it will be reached in “about 10 years”, [but] not today. This is probably a reference to his belief that production will never exceed 95m barrels per day (which he talks about from about 34 minutes in, saying “it’s not that we lack reserves… a lot of it is difficult to be produced”.)
The full video is below. Falih’s comments begin about 12 minutes in:
Plentiful supply trumps ‘peak oil’ (Dow Jones)