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BP estimates nearly 60 years of oil left on earth

Posted by: Zachary Toliver in Energy, Gas, Oil, Opinion, Top Stories June 30, 2014  47 Views


Last week, Shale Plays Media wrote about an article discussing the inconsistencies of the “peak oil” argument. Now, BP is providing their own estimates of global oil reserves. According to a recent article by Motley Fool contributor Matt DiLallo, BP estimates the world has 53.3 years of oil left at current production rates.

The major security for a nearly 60 years of additional petroleum excavation? We can thank the United States shale boom, in particular the Bakken, Eagle Ford, and Permian Basin formations.

The Permian alone has increased 25 billion barrels of estimated recoverable oil and gas since its last analysis just one year ago. However, proponents of peak oil rarely, if at all, include the vast amount of unconventional oil when determining if we, as a society, have reached or gone beyond peak oil production. Although 53.3 years may not seem like much, considering the anticipated demand and population growth we are to expect in the near future, 60 years is quite remarkable.

http://bakken.com/news/id/215835/bp-estimates-nearly-60-years-oil-left-earth/
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