On top of concerns about high oil prices now comes the fear that
we have reached “peak oil” and that global oil output will start
to decline. Have we? If oil has peaked, do we face a future of
growing energy shortages, rising prices and international
conflict for supplies? No one should underestimate the energy
challenge. With continued economic growth, the world’s energy
needs could increase by half within 25 years. Unchecked, this
will result in significantly higher carbon emissions. Many
scientists agree that emissions from human activities are
changing our climate and call for urgent action. The world’s
energy needs must be met while cutting carbon dioxide emissions.
But where are we going to find this energy? My view is that
“easy” oil has probably passed its peak. But there are other
reserves that are still a long way from their peak. In
unconventional oil and gas – resources that are harder to tap –
there are plenty of reserves. The oil industry has to explore
new frontiers, develop new hydrocarbon ene