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John Hemming (Birmingham, Yardley, LDem) asked the Secretary of State for Trade and Industry what estimate the Department has made of when global production of conventional crude oil will peak.
Malcolm Wicks (Minister of State (Energy), Department of Trade and Industry) responded:
"Globally, conventional oil reserves are sufficient to meet projected demand for around 30 years, although new discoveries will be needed to renew reserves. Together with non-conventional reserves such as oil shales and improvements in technology, there is the potential for oil reserves to last twice as long".
". . . global production of conventional oil will not peak before 2030 if the necessary investments are made."
The Government remain committed to working with producers, consumers and the international community to improve the conditions for investment in the international oil sector, as well as implementing policies to maximise the economic recovery of the UK's own oil (and gas) reserves and to ease the UK economy away from power supplied primarily through fossil fuel supply. We are also supporting efforts to promote greater transparency in reporting of global oil reserves.
Source: Theyworkforyou
[ Editor comment : 2030? The peak could be avoided until 2100 or whenever if enough new discoveries were added - but the discoveries are not out there! The whole answer is littered with caveats and implications that mislead.]
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