Tuesday, December 6, 2011

"The "Shale Gale" Goes Global with Discoveries in Argentina and China, 'Peak Oil' Losing Relevance "

That headline is a bit stronger than I'd put it but you are seeing some signs of 'pique' oil on some of the doomer websites.
From Carpe Diem:

1. "The debate over whether the world's reserves of hydrocarbons have now peaked and are in decline has lost relevance over recent years as new technology allows oil companies to find and exploit new hydrocarbon sources, the CEO of Repsol Antonio Brufau said today.

Brufau said progress made in exploring and developing ultra-deepwater areas, unconventional oil and gas sources and the move into remote areas such as the Arctic, have been key to growing global reserves of oil and gas. "The speed at which technology changes and its consequences have taken us largely by surprise. The peak oil debate has lost a great deal of its relevance in the past three years," Brufau told the World Petroleum Congress in Doha. 

Repsol continued to more than replace its proven oil and gas reserves outside Argentina this year and will accelerate output from 2015 onwards as it converts contingent resources into proven reserves. Brufau pointed to developments in the U.S. shale gas industry and highlighted Repsol's own plans to develop a huge shale oil and gas area in Argentina....MORE