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Originally Posted by cambaby
All these reports and sources assume that NO NEW EXPLORATION WILL TAKE PLACE, only existing pockets and known sources being tapped and extracted. Its liberal treefuckers that stop new exploration in obvious places.
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LONDON (Reuters) - Growth in the world?s oil and gas reserves stalled last year, a report from oil giant BP showed on Tuesday, bucking a trend that has historically seen new discoveries more than match production.
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The world faces a global oil supply shortage after 2007, which would threaten economic growth, according to new research by the Oil Depletion Analysis Centre (Odac) which says that not enough major new fields will come on stream to offset declines .
?Our latest research confirms solidly our view that we cannot see any reasonable circumstances under which new supplies from expected mega oil projects could possibly meet world demand by 2008,? said a spokesman for London-based Odac.
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