The future of oil supply

Abstract

Abundant supplies of oil form the foundation of modern industrial economies, but the capacity to maintain and grow global supply is attracting increasing concern. Some commentators forecast a peak in the near future and a subsequent terminal decline in global oil production, while others highlight the recent growth in ‘tight oil’ production and the scope for developing unconventional resources. There are disagreements over the size, cost and recoverability of different resources, the technical and economic potential of different technologies, the contribution of different factors to market trends and the economic implications of reduced supply. Few debates are more important, more contentious, more wide-ranging or more confused. This paper summarizes the main concepts, terms, issues and evidence that are necessary to understand the ‘peak oil’ debate. These include: the origin, nature and classification of oil resources; the trends in oil production and discoveries; the typical production profiles of oil fields, basins and producing regions; the mechanisms underlying those profiles; the extent of depletion of conventional oil; the risk of an approaching peak in global production; and the potential of various mitigation options. The aim is to introduce the subject to non-specialist readers and provide a basis for the subsequent papers in this Theme Issue.

How do liquid fuel physical properties affect liquid jet development in atomisers?

“…The limited availability of conventional fuel supplies [1][2][3] provides a strong incentive to utilise alternative sources, such as biofuels, to ensure sufficient production capacity to meet the increasing fuel demands. Many initiatives for the broader utilisation of biofuels are underway.…”

Review on Catalytic Cleavage of C–C Inter-unit Linkages in Lignin Model Compounds: Towards Lignin Depolymerisation

“…This scenario is further complicated by the depletion of conventional fossil fuel based feedstock to produce them, the greenhouse effect and consequent climate changes [2]. There is a pressing demand to address the chemical and energy security issues without compromising the environment.…”

Physics, fracking, fuel, and the future

“…3 Other authors who recently reached a similar estimate include Richard Miller and Steven Sorrell, who concluded, "A sustained decline in global conventional production appears probable before 2030 and there is significant risk of this beginning before 2020." 4 …”

“…That limitation can be captured by writing (3) where the term in parentheses is the simplest way to ensure that growth stops when R reaches the limiting value. Dividing through by R′ and defining ϕ ≡ R/R′ produces the simplest pessimistic version of a growth equation: (4) which leads to (5) F or how long and in what ways can humans sustain the energy-intensive way of life we take for granted? That consequential question is one that physicists must help answer.…”