http://www.simmonsco-intl.com/files/IAEE.pdf
From his web page - listed under his name - submenu papers and speeches - this is one of the latest papers linked on that site.
From this slideshow :
Non Opec Supply (excluding FSU - Russia) has flattened out
FSU supply very questionable (lack of data - lack of continued exploration - ie some of the companies that jumped in initially have pulled back after less than stellar results)
He then continues to make the case that non-OPEC oul has peaked - ie the supply from non-Opec sources has platued and now is in decline. He then continues saying than many OPEC are also in decline with only the middle East OPEC (in a golden triangle that is equivalent to 6% of the area of the US) having not peaked(still can increase production).
He then talks about current assumptions that this triangle has lots of oil resources left - with assumed limitless Saudi Oil - then he debunks these assumptions with somewhat sketchy data (because it is hard to get them to release this data) about how more and more of the super size ME oilfields are having to pump more and more water in to keep the production the same with costs rising because of the extra pumping of water.
He talks about how the price of oil needs to be higher to allow more and more exploration and implementation of technology to keep supplies going.
A few slides later he states :
The optimists were wrong :
While the optimists vs pessimists (economists vs scientists) debate rages on - the jury has decided the optomists have lost.
Too much real data now proves their total thesis was wrong - supplies never surged, demand never peaked, prices rose instead of falling.
His next slide then says :
The Pessimists Might also Be Wrong :
Most serious scientists worry the world will peak in oil supplies.
But most assume the day is still far away.
Most assume nonconventional oil will carry us through several additional decades.
They were right to ring the alarm bell
But they might also be too optimistic.
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His next slide explains why non-conventional oil cannout out and out replace conventional oil -
Heavy oil is hard to produce, extremely energy intensive, and very hard to grow rapidly.
Heavy oil can last forever
But it is very hard to get out of the ground
and it takes remarkable amounts of energy to convert to useable power.
His final slide sums up thusly :
The Real Oil Issue:
What are current declines (by basin)?
What will decline rates be by 2005 (and beyond)?
What does it cost now to create new supply?
Can growth of new fields replace constant decline?
When peaking occurs , what energy substitute can take its place?
At what cost will the substitute take?
All are serious questions, none have easy answers.
That is the summary of just one of several of his recent speeches/papers that indicate his belief that non-OPEC oil has already peaked (note we are talking about conventional - easy to produce - relatively cheap oil - not shale oil and other non-conventional hard to produce - sometimes energy defeating oil - of which we have plenty). He then at least implies that the lack of hard data from the middle east might mean that they are closer to peaking then many of the pessimistic scientists think.
His talks are always fact based, he makes no incredible predictions about wars or die-off but that makes me even more worred when he does question the possibility that we are at the peak (or near) of conventional oil - and also perhaps near the peak for natural gas (I can look up and give excerpts from his natural gas talk - but later - you can find them off his site if you look).
This is not a bunch of kooks yelling “the world is ending”.
Simmons advises the president and other industry leaders.
Note Blake that your resources talk about non-conventional oil without looking into the problems of producing it economically (overcome whenever the price gets high enough) AND thermodynamically (ie - some resources will never be able to be used- because it will take more energy to produce then you get out of the end product. If it takes over a barrel of oile energy equivalent to produce a barrel or oil - then you just keep the barrel you have).
I appreciate dialogue and look forward to more discussion, but please read more of what these scientists (like the guy at Princeton) are saying before just dismissing everyone as a chicken little.
Regards
Adamant