What is Peak oil?
"The term Peak Oil refers to the maximum rate of the production of oil in any area under consideration, recognising that it is a finite natural resource, subject to depletion."
--Colin Campbell
World Oil Production via Hubbert Linearization of Production and Normalizations of Production
Publication date:
2012-01-30
First published in:
Energy Sources, Part B: Economics, Planning, and Policy
Abstract:
The Hubbert linearization and normalizations for the rate of change of production have been used to depict the trends of oil production via the logistic and Gompertz models. Estimated cumulative production based upon the Hubbert linearization of the oil history indicates a total ultimately recoverable resource (URR) for all liquids of 2.6 terabarrels (Tb). The Gompertz URR is projected to be near 4 Tb for all liquids including non-traditional sources. The normalization of the change of rate of oil production to the rate of production shows a peak potential of 95 million barrels production per day based on the projected URR of 2.6 Tb. The United States Geological Survey estimate of 2.5 Tb URR most closely approximates the projected 2.6 Tb URR.
Published in: Energy Sources, Part B: Economics, Planning, and Policy, Volume 7, Issue 2, January 2012, Pages 162-168
Available from: Taylor & Francis
