Source: 6 Aug 2012. Lou Gagliardi. Energy Stock for the Short Term. Cabot Wealth Advisory.
Major oilfields in decline Around 70,000 oil fields are currently in production, according to the UK’s Industry Taskforce on Peak Oil and Energy Security (ITPOES). Yet the vast majority of these produce oil in small and negligible volumes: 120 fields account for half of global production, and there are just 4 fields that produce – at least until recently – more than one million barrels a day: Ghawar in Saudi Arabia, which accounts for five per cent of daily world production; Cantarell in Mexico; Burgan in Kuwait and Da Qing in China. The concern of the ITPOES report, The Oil Crunch, is that they are quite old, at or near the peak of their production, and no new finds of similar size have been reported for a long time.
The primacy of Oil. Global primary energy by fuel. IEA Renewables Data 2009.
- 34% oil
- 27% Nuclear
- 21% Natural Gas
- 12% Renewable
- 6% Nuclear
Where the 85 million barrels of oil go
- Transportation: 50% road, 8% air, 8% Sea
- Heat & Power: 18%
- Non-Fuel 16%
World energy 2011 (Source: Energy Information Agency. http://www.eia.doe.gov) we’re still very dependent on fossil fuels and always will be:
