Aramco boss shrugs off peak oil fears |
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Saudi Arabian state oil giant Saudi AramcoSaudi Aramco
said today that concerns of oil supplies peaking were overdone and the world still had nearly a century's worth of oil reserves.
"I do not believe the world has to worry about peak oil for a very long time," the text of AramcoAramco chief exectuive Abdallah Jumah's speech to the World Energy Congress in Rome said.
"We still have almost a century's worth of oil," Reuters quoted him as saying, adding that the world had over 3 trillion barrels of recoverable conventional and non-conventional liquid fuel resources assuming an "extra-conservative" scenario.
While some have predicted peak oil for decades, fears that the world is nearing a peak, or at least a long plateau, have risen in the past year as even chief executives of oil companies including France's TotalTotal and ExxonMobilExxonMobil , say supply will struggle to meet demand in the coming decades.
Jumah pointed to non-conventional oil sources such as shale, a form of rock, but analysts predict the cost of producing energy products from such sources will be expensive, not least because so much energy is needed in the process.
The AramcoAramco boss questioned the contribution biofuels would make to the energy mix, citing problems with efficient production and competition with food crops for land.
© Upstream 2007
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