{"id":20246,"date":"2016-04-25T15:16:14","date_gmt":"2016-04-25T20:16:14","guid":{"rendered":"http:\/\/olduvai.ca\/?p=20246"},"modified":"2016-04-25T15:16:38","modified_gmt":"2016-04-25T20:16:38","slug":"where-did-all-the-oil-go-the-peak-is-back","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=20246","title":{"rendered":"Where did all the oil go? The peak is back"},"content":{"rendered":"
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Where did all the oil go? The peak is back<\/a><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n
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Solar power has grown exponentially and the target of 50 percent renewables by 2028 to avoid a 2C world is achievable<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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An extensive new\u00a0scientific analysis<\/a>\u00a0published in Wiley Interdisciplinary Reviews: Energy & Environment says that proved conventional oil reserves as detailed in industry sources are likely \u201coverstated\u201d by half.<\/p>\n

According to standard sources like the Oil & Gas Journal, BP\u2019s Annual Statistical Review of World Energy, and the US Energy Information Administration, the world contains 1.7 trillion barrels of proved conventional reserves.<\/p>\n

However, according to the new study by Professor Michael Jefferson of the ESCP Europe Business School, a former chief economist at oil major Royal Dutch\/Shell Group, this official figure which has helped justify massive investments in new exploration and development, is almost double the real size of world reserves.<\/p>\n

Wiley Interdisciplinary Reviews (WIRES) is a series of high-quality peer-reviewed publications which runs authoritative reviews of the literature across relevant academic disciplines.<\/p>\n

According to Professor Michael Jefferson, who spent nearly 20 years at Shell in various senior roles from head of planning in Europe to director of oil supply and trading, \u201cthe five major Middle East oil exporters altered the basis of their definition of \u2018proved\u2019 conventional oil reserves from a 90 percent probability down to a 50 percent probability from 1984. The result has been an apparent (but not real) increase in their \u2018proved\u2019 conventional oil reserves of some 435 billion barrels.\u201d<\/p>\n

Global reserves have been further inflated, he wrote in his study, by adding reserve figures from Venezuelan heavy oil and Canadian tar sands – despite the fact that they are \u201cmore difficult and costly to extract\u201d and generally of \u201cpoorer quality\u201d than conventional oil. This has brought up global reserve estimates by a further 440 billion barrels.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Where did all the oil go? The peak is back Solar power has grown exponentially and the target of 50 percent renewables by 2028 to avoid a 2C world is achievable An extensive new\u00a0scientific analysis\u00a0published in Wiley Interdisciplinary Reviews: Energy & Environment says that proved conventional oil reserves as detailed in industry sources are likely […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[263,271,349,2092,588,617],"class_list":["post-20246","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-energy","tag-environment-2","tag-gas","tag-nafeez-ahmed","tag-oil","tag-peak-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20246"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20246\/revisions"}],"predecessor-version":[{"id":20248,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20246\/revisions\/20248"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}