‘Is the world running out of oil ?‘
It’s a question I hear a lot. At dinner parties, on school field trips, and always in taxis, pretty much anytime when I tell people I’m a geologist.
And I can almost guarantee what will come next. ‘The oil’s nearly all gone now, and the North Sea is finished, isn’t it ?‘ These are popular perceptions based on media reports, carrying elements of truth, but hiding the full story.
Almost 25 years after the first crude from the Forties field was brought onstream, North Sea oil production peaked in 1999. The North Sea is far from history, though, and today it still pumps 7 % of the world’s petroleum.
And global oil production has continued to grow right up to the present day. But does an oil price of $ 50 per barrel signal the imminent end of our oil supplies ?
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