Taken from the catalyst:''Existing fields are declining so...

Taken from the catalyst:

''Existing fields are declining so sharply that in order to stay where we are in terms of production levels, in the next 25 years we have to find and develop four new Saudi Arabias. That is a huge challenge.''

Worse, Catalyst also quoted the Swedish peak oil expert Kjell Aleklett - interviewed in this column last November - who said the agency's assumptions about future oil flow rates were impossibly optimistic and that total world production passed its peak a year ago.

Supply could fall short of demand as soon as 2014, warned consultants to a British pan-industry group co-ordinated by the engineering consultancy Arup and chaired by Virgin, whose founder, Sir Richard Branson, urged we should ''not let an oil crunch take us by surprise and be poorly prepared''.

If Elk work to Schedule we could be producing 8000 barrels just in time.

How about that Sushi!!



Read more: http://www.smh.com.au/business/peak-oil-its-closer-than-you-think-20110429-1e0gt.html#ixzz1KzTgiWLz