No Peak Oil Anytime Soon.The Cambridge Energy Research Associates Cambridge Energy Research Associates, also known as CERA, is a consulting company that specializes in advising governments and private companies on energy markets, geopolitics, industry trends, and strategy. (CERA) on Dec. 7 said it did not see a peak in world oil supply before 2020 and that an increase in unconventional oils, including condensate and natural gas liquids (NGLs), would help boost capacity by up to 25% in the next 10 years. At a US congressional hearing Congressional hearings are the principal formal method by which committees collect and analyze information in the early stages of legislative policymaking. Whether confirmation hearings — a procedure unique to the Senate — legislative, oversight, investigative, or a , CERA's head of oil and gas resources Robert Esser said: "We see no evidence to suggest a peak before 2020, nor do we see a transparent and technically sound analysis from another source that justifies belief in an imminent peak". He predicted it would take several decades for an "inflexion inflection, inflexion the act of bending inward, or the state of being bent inward. point that will herald the arrival of an 'undulating plateau' of global hydrocarbon production capacity". CERA estimated oil production capacity - including crude oil, condensate, NGLs, oil sands, gas-to-liquids (GTL GTL - Gunning Transceiver Logic ) - could rise to 108m b/d in 2015, from 87m b/d at present. Over the next 10 years, production capacity from OPEC OPEC: see Organization of Petroleum Exporting Countries. OPEC in full Organization of the Petroleum Exporting Countries Multinational organization established in 1960 to coordinate the petroleum production and export policies of its should increase by 12.2m b/d, with another 8.2m b/d gain coming from non-OPEC countries. Capacity increases from a number of large projects in Canada, West and North Africa, the Caspian and the Middle East are expected to offset declines in the US and the North Sea. Esser said even if the price of oil plummets, the projects will continue because they were conceived using much lower oil price projections. CERA said oil from non-conventional sources would widen to 35% of capacity in 2015 compared with 10% in 1990. The research points to growth in output from ultra deep-water drilling in the US Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , Brazil, Angola and Nigeria; 250% more heavy oil production capacity from Canada and Venezuela; and the expansion of condensate and NGLs to 23m b/d, from 14m b/d now. New GTL developments will boost output to 1m b/d in 2015 from 160,000 b/d now. |
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