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Shell boss sees oil peak in 10 years

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Peak warning: Shell chief executive Jeroen van der Veer says production of easily-accessible oil will begin to decline within 10 years

upstreamonline.com
By Upstream staff

Jeroen van der Veer, chief executive of Anglo-Dutch supermajor Shell, has said he expected exploitation of the earth’s easily accessible oil and gas reserves to peak within 10 years.

“It’s becoming technologically expensive, capital intensive and lead times are growing longer,” Van der Veer told an energy supply scenario seminar at the US think tank Centre for Strategic International Studies, Thomson Financial.

Van der Veer said the production peak would reflect not only the maturing of existing reserves but also increasing difficulty in gaining access to the remain large reserves in places such as Saudi Arabia, Iran and Venezuela.
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02 April 2008 05:57 GMT  | last updated: 02 April 2008 05:57 GMT

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