Richard, I thought we had passed so-called peak oil, but according to data I found, oil and gas reserves are still ubiquitous and known reserves are estimated to last for 50 years at the present rate of consumption. Fifteen years ago, known reserves were estimated to last for 60 years because the rate of consumption was then about 15% lower, but these figures indicate that new oil and gas reserves are being found and proven almost as fast as old reserves are being depleted. Can you find good information and estimates on the remaining life for oil and gas as energy?
Thanks. I agree it’s a bit of a moving feast. The best reference I’m aware of is the Perez paper that I link to in the blog. Reserves might be ‘ubiquitous, but of course they’re only useful if the amount of energy required to extract them is less than the amount of energy retrievable from them 🙂.
Richard, I thought we had passed so-called peak oil, but according to data I found, oil and gas reserves are still ubiquitous and known reserves are estimated to last for 50 years at the present rate of consumption. Fifteen years ago, known reserves were estimated to last for 60 years because the rate of consumption was then about 15% lower, but these figures indicate that new oil and gas reserves are being found and proven almost as fast as old reserves are being depleted. Can you find good information and estimates on the remaining life for oil and gas as energy?
Hi Michael
Thanks. I agree it’s a bit of a moving feast. The best reference I’m aware of is the Perez paper that I link to in the blog. Reserves might be ‘ubiquitous, but of course they’re only useful if the amount of energy required to extract them is less than the amount of energy retrievable from them 🙂.