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Saturday, July 02, 2005

ExxonMobil accepts Peak Oil

Association for the Study of Peak Oil & Gas, Ireland

ASPO Newsletters, article number 562 (July 2005)

Important Notice: This is a plain text article extracted from Dr Colin Campbell's ASPO Newlsetter 55 (July 2005). Any images, graphs and other non-text components are not shown here. To view this article in its full context and with non-text components, please download the PDF version of the full newsletter. You should look for article #562. PDF versions of all newsletters can be found in the newsletter downloads section.

ExxonMobil is the most forthright of the major oil companies having had the courage and honesty to publish the declining discovery trend, based on sound industry data with reserve revisions properly backdated (Longwell, 2002 Energy World 5/3). Furthermore, the company is running page-size advertisements in European papers stressing the immense challenges to be faced in meeting future energy demand, hinting that the challenges might not be met despite its considerable expertise.

It is significant that the first quarter production of most of the major oil companies is falling : ExxonMobil -3%; Chevron -6% ; Shell -8% ; Repsol YPF -7%., while Phillips-Conoco maintained its level with BP at least reporting a 2% increase (see Petroleum Review, June 2005).

The ExxonMobil report, entitled "The Outlook for Energy: A 2030 View" is at
and Alfred J Cavallo wrote an excellent analysis of it in "Oil: Caveat Empty" which I posted here on May 26th.

Bill Totten


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