09 Oct 2009 09:10:08
Oil supply could soon peak
Conventional oil production around the world could peak within the next decade, new research has suggested.
A study from the UK Energy Research Centre (UKERC) indicated that there is a "significant risk" of this occurring before 2020.
The organisation claimed that the UK and other governments across the globe are not sufficiently prepared for this eventually.
Steve Sorrell, senior researcher at UKERC, warned that non-energy efficient alternatives could be rapidly developed by nations as a consequence of the lack of oil, rather than low carbon fuels being focused on.
He said: "In our view, forecasts which delay a peak in conventional oil production until after 2030 are at best optimistic and at worst implausible.
"The effects of global oil depletion will depend greatly on the response from governments and on the scale of investment in new energy technologies."
UKERC also noted that the world's ten biggest oil producing fields are now in a state of decline.http://www.ukerc.ac.uk/support/Global%20Oil%20Depletion