Some commentary from Davos off ODAC site.This week saw the...

Some commentary from Davos off ODAC site.

This week saw the Chairman of one of the worlds major oil companies publicly acknowledge the approaching peak in oil production. During a panel discussion at the annual World Economic Forum at Davos in Switzerland on Thursday, Thierry Desmarest, Chairman of Total said:

The problem of peak oil remains. We have always been relatively prudent in our assessment of a peak oil date in Total between, I would say, the International Energy Agency, which was extremely optimistic a few years ago - a bit less today - and some so called experts who were announcing that the peak oil has already taken place. In our opinion it will be very difficult to raise the oil production above 95 million barrels/day, which is something like 10% above today's level - so its not enormous...So I think we must keep in mind that in a few years from now the market may be in a relatively difficult position in, the energy security concerning oil (because I think for gas we have certainly more time), will be a big problem.

- so at least CVN is not one of those long winded gas projects. The story is still bumping along. Hard to see any great production increase soon, but we will still have more reserves, L20/50 possibilities and Oil is still above $70. One rig in an oily area is better than 10 rigs where oil is not.