peak oil theory is "increasingly groundless."
It's not that we aren't running out of the relatively clean, conventional crude oil. We are. It's that we're finding ever new and larger sources of unconventional crude oil, the dirtiest stuff.
Bob Dudley's remarks came as the company published a study predicting
oil production will increase substantially, and that unconventional and
high-carbon oil will make up all of the increase in global oil supply
to the end of this decade, with the explosive growth of shale oil in the
US behind much of the growth.
As a result, the oil and gas
company forecasts that carbon dioxide emissions will rise by more than a
quarter by 2030 – a disaster, according to scientists, because if the
world is to avoid dangerous climate change then studies suggest emissions must peak in the next three years or so.
unconventional oil – shale oil, tar sands and biofuels – are the most
controversial forms of the fuel, because they are much more
carbon-intensive than conventional oilfields. They require large amounts
of energy and water, and have been associated with serious environmental damages.
Reading between the lines, Dudley is confident that neither industry nor governments worldwide have any intention of curbing greenhouse gas emissions except, perhaps, symbolically.
The BP report also forecasts that low-carbon and renewable energy will remain dwarfed by increasingly high-carbon fossil fuels.