What Energy Future after the World Oil Production Peak?

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What Energy Future after the World Oil Production Peak?

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SLT Europe 2009 & 2010

‘What Energy Future after the World Oil Production Peak?’

Prof. Pierre-René BeauquisTotal Professeurs Associés

Mr Jean-Marie MassetTotal Professeurs Associés

Mr Roland GeoffroisTotal Professeurs Associés

Dr Philippe Julien - Total

Mr Pascal Breton - Total

Mr Pierre Mauriaud Total

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What energy future after world oil production peak ?

EAGE STUDENT LECTURE TOUR EUROPE2009-2010

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What energy future after world oil production peak?

Reminding oil fundamentals: a few key points

Production constraints: oil and gas peaks

Climate constraints: some key data

Oil prices: yesterday, today, and tomorrow

What future for energy: the oil industry in a new world

TABLE OF CONTENTS

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For the last 50 years :

Oil has been the dominant source of primary commercial energy (40% of world total)

Oil has been the economic regulator of all energy prices

Oil has been the physical regulator of the world energy system

OPEC has been the regulator of world oil system

Saudi Arabia has been the regulator of OPEC

What about 2020 ? 2050 ? 2100 ?

Key considerations aboutenergy fundamentals

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Key considerations aboutenergy fundamentals

Coal

Oil

Gas

Nuclear & Hydro

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

10 000

11 000

12 000

1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007

Since 2003 coal has becomethe “physical regulator”

of the World Energy system.

Mtoe

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GDP and demand for oilAnnual growth rate (%, worldwide)

-6

-4

-2

0

2

4

6

8

10

1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007

GDP OIL demand

World Energy in the past was simple: oil was the “physical regulator”

Since 2004 this is no more true

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Oil growth is coming from outsidethe OECD exclusively

Annual changes in oil production

-1,5

-1

-0,5

0

0,5

1

1,5

2

2,5

1990

1992

1994

1996

1998

2000

2002

2004

2006

-1,5

-1

-0,5

0

0,5

1

1,5

2

2,5

1990

1992

1994

1996

1998

2000

2002

2004

2006

-1,5

-1

-0,5

0

0,5

1

1,5

2

2,5

1990

1992

1994

1996

1998

2000

2002

2004

2006

-1,5

-1

-0,5

0

0,5

1

1,5

2

2,5

1990

1992

1994

1996

1998

2000

2002

2004

2006

Former USSROECDOthers outside OPEC

(Brazil, Angola, Chad, etc.)OPEC

(“Swing producer”)

Since 1975 OPEC has become theregulator of the World Oil system.

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Crude oil production - Mt

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007

OPECFormer Soviet UnionOthers NON OPECDemand

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Upstream: E&P represent 80% of the global oilindustry investment

Including China and Russia since 2002

Others : transport, marketing (estimates)

PetrochemicalRefiningExploration/Production

M$

0

50

100

150

200

250

300

350

400

19701972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006

9

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History of investmentin exploration-production

0

50

100

150

200

250

300

350

79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07

0

10

20

30

40

50

60

70

Invest. out of North

Invest. in North Am

G$ $/b

Crude oil price

10

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At 100 $/b crude oil, the upstream worlwide average technical costsrepresent 15% (while 10% are for the producing companies and around75% for the producing countries « government take »).

At the 100 $/b this « crude oil cost » represent an average 30% of the pumps prices in the E.U. (10% downstream costs for refining and distribution and around 60% for the consumming countries «government take »).

The key paradoxes of the oil industry

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TABLE OF CONTENTS

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Oil resources (Gt)

*35

**50

100

ConventionalResources

Non ConventionalResources

Cumulativeproduction

140

Unrecovered Oil675

Extra Heavy OilTar Sands

460 (in place)

New discoveries

Rec

ove

ryR

atio

Incr

ease

Rec

ove

ryR

atio

n (

%)

* Actual Average Ratio ** Possible Average Ratio (around 2020)

Provenreserves

164

Nextdiscoveries

140

Enhanced recovery6065

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Historical views on ultimate reserves

0

500

1000

1500

2000

2500

3000

3500

Pra

tt (

19

42)

Du

ce

(1

94

6)P

ou

ge

(19

46)

Wee

ks

(19

48)

Le

vers

on

(19

49)

Wee

ks

(19

49)

Mac

Na

ug

hto

n(1

95

3)H

ub

ber

t(1

95

6)W

eek

s(1

95

8)W

eek

s(1

95

9)H

end

ric

ks

(19

65)

Rya

mn

(19

67)

Sh

ell (

19

68)

Wee

ks

(19

68)

Hu

bb

ert

(19

69)

Mo

od

y (1

97

0)W

eek

s(1

97

1)W

arm

an(1

97

2)B

auq

uis

(19

72)

Sch

wei

nfu

rth

(1

97

3)L

ind

en

(1

97

3)B

on

illa

s(1

97

4)H

ow

itt

(19

74)

Mo

od

y (1

97

5)W

EC

(1

97

7)N

els

on

(1

97

7)D

e B

ruyn

e(1

97

8)K

lem

me

(19

78)

Neh

rin

g(1

97

8)N

ehri

ng

(19

79)

Hal

bo

uty

(19

79

)M

eye

rho

ff(1

97

9)

Ro

ord

a(1

97

9)H

alb

ou

ty(1

97

9)

WE

C (

19

80)

Str

ickl

an

d (

19

81)

Co

liti

(19

81)

Neh

rin

g(1

98

2)M

aste

rs (

19

83)

Kal

inin

(19

83)

Mar

tin

(1

98

4)Iv

an

ho

e(1

98

4)M

aste

rs (

19

87)

Ca

mp

be

ll (

19

91

)M

aste

rs (

19

91)

To

wn

es (

19

93)

Pet

roco

nsu

lt.

(19

93)

Mas

ters

(1

99

4)U

SG

S (

20

00)

1940194019491949

1950195019591959

1960196019691969

1970197019791979

1980198019891989

1990199020002000

Source: IFP/DSEP adapted from Martin (1985) and Campbell (1992) - Updated 2000

* Cumulative production + proven reserves +possible reserves yet to be discovered

Billion bbl

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The irreversible decline of Oil productionsin the USA

Peak oil is not a theory: it’s a fact…

(*) Discoveries are registered as per their initially declared sizes and their timing is « forwarded » by 33 yearsSource : King Hubbert 1956 - Updated by Jean Laherrere

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History of important discoveries in the world

Size

Mboe

Number of Discoveries

1960s 1970s 1980s 1990s

50 - 100 235 261 300 314

100 - 200 105 162 113 90

200 - 500 179 208 170 154

500 - 1000 90 95 66 52

+1000 129 116 90 20

A few figures illustrating Peak Oil and Peak Gas

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0

50

100

150

200

250

300

350

1961

-65

1966

-70

1971

-75

1976

-80

1981

-85

1986

-90

1991

-95

1996

-00

2001

-05

2006

-07

Mboe

The declining average size of discoveries

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Production profiles liquids: North Sea clastics


0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

1 98

7

1 98

8

1 98

9

1 99

0

1 99

1

1 99

2

1 99

3

1 99

4

1 99

5

1 99

6

1 99

7

bp

d

0%

10%

20%

30%

40%

50%

60%

70%

80%

Rec

ove

ry

Water

Oil

Recov

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0% 10% 20% 30% 40% 50% 60%

Recov

BS

W

( Sand clastics are « oil wet »)

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0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

180 000

74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03

bp

d

0%

10%

20%

30%

40%

50%

60%

70%

80%

Rec

ove

ry

Water

Oil

Recov

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0% 10% 20% 30% 40% 50%

Recov

BS

W

Production profiles liquids: Middle East carbonates

( Carbonates are « water wet » )

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9

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0% 10% 20% 30% 40% 50% 60% 70%Recup- % OIIP

Ra

te -

% O

IIP

/Ye

ar

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0% 10% 20% 30% 40% 50% 60% 70%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0% 10% 20% 30% 40% 50% 60% 70%

Dep

leti

on

rate


North Sea 1North Sea 2

Far East 1

North Sea 3

Middle East 1

Middle East 3Middle East 2 Far East 2

Central America

Depletion rate versus recovery factors for varioustype of oil fields

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Oil and condensate discoveries and worldwide production of liquid hydrocarbons

(*) 4-year average

34

39

29

7

110111

16

36

32

36

20

1412

1311

58

47

24 5

79

15

20 23 21 2324

26 27

0

10

20

30

40

50

60

70

01/05 06/10 11/15 16/20 21/25 26/30 31/35 36/40 41/45 46/50 51/55 56/60 61/65 66/70 71/75 76/80 81/85 86/90 91/95 96/00 2001 -2004 (*)

Gboe/year (5-year average)

‘Classic’ exploration

Deep sea (>500m)

Kashagan / Shah Deniz

Liquid HC production

Sources:

- Discoveries: IHS (excl. onsh US/Canada and GoM Shelf ) (May 2005)- Production: BP Statistical Review of World Energy (June 2004)

2.2 4.7

4.21.5

0.9

Excl. non-conventional oils

such as Athabasca and

Orenoco

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Gas-hydrocarbon discoveries and production worldwide

18

26

8

16

23

1514

23

65

52

3

0 0 0 0 0 1 2

6

11

6

15141311

987

0

10

20

30

40

50

60

70

01/05 06/10 11/15 16/20 21/25 26/30 31/35 36/40 41/45 46/50 51/55 56/60 61/65 66/70 71/75 76/80 81/85 86/90 91/95 96/00 2001 -2004 (*)

(*) 4-year average

Gboe/uear (5-year average)

1.4

2.2

3.9

‘Classic’ exploration

Deep sea (>500m)

Kashagan / Shah Deniz

Liquid HC production

Sources:

- Discoveries: IHS (excl. onsh US/Canada and GoM Shelf ) (May 2005)- Production: BP Statistical Review of World Energy (June 2004)

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Various World Oil Profile Forecasts

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The « TOTAL view » mi 2009 of futureWorld Petroleum Production

40

50

60

70

80

90

100

110

2005 2010 2015 2020 2025 2030

Mb/d

Crude oil

Other*

Biofuels

Condensate and LPG

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Since June 2006 it can be considered that views about Peak Oil in France have become reasonnably similar :

TOTAL : Thierry Desmarest – around 2020 / around 100 Mb/dASPO France : J. Laherrère – around 2015 / less than 100 Mb/dP.R. Bauquis – around 2020 / around 100 Mb/dIFP : Y. Mathieu – ondulated plateau 20150/2030 – less than 100 Mb/d

This point of view is widely different from those among the "optimists" who believe that Peak Oil is not "reserves related" but a political problem : insufficient investments and restrictive policies about investments by OPEC countries, Russia and Mexico :

Exxon Mobil – June 2006 – "no sign of peak oil"Aramco – June 2006 -"no reserve problem"ENI (Maugeri – Early 2006 - "no foreseeable oil peak"BP : John Browne – May 2006 - "There is no reserves problem"Mike Lynch (ex MIT) – "similar and above 120 Mb/d"CERA (Cambridge Energy Research Associates) – 2007 study "Denying peak-oil"USGS, DOE, EIA, IEA…

IEA started changing their views in 2006 and accentuated this change in 2007 : they now seem to realize that peak oil is not only a political or "above ground" problem but also a geological one.

Summary of opinions about "peak oil"

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Oil and gas will still be produced beyond the end of the 21st century

However the oil production peak (between 2015 and 2025, most probably) and gas production peak will trigger radical changes

Paradoxically, it will be the oil and gas industries golden age (high prices, little political interference in those prices).

After the oil peak, oil and gas prices will see a change of logic: they will become related to those of their subtitutes (reversal from the past).

As soon as world oil production starts declining, OPEC will lose its price-policing role but could keep other roles.

Key considerations about peak oil impact

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TABLE OF CONTENTS

1

2

3

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5

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Climate change:the earth’s evolving temperature

1 000 1 200 1 400 1 600 1 800 2 000

- 1.0

-0.5

0.0

0.5

NORTHERN HEMISPHERE

Données provenant de thermomètres (en rouge), de cerclesde croissance des arbres, de coraux, de carottes

glaciaires et d’enregistrements historiques (en bleu)

Variation in global temperatures over 1000 years (in °C)The zero reference is the period 1961-1990

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Anthropic emissions of carbon dioxyde

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Atmospheric contributionsto greenhouse effect

NaturalNatural(155 W/m(155 W/m22))

AnthropicAnthropic(2.8 W/m(2.8 W/m22))

Water vapor55%

Clouds15%

Other green-house gases

30% CH417%

Halocarb,12%

Stratosph. Ozone13%

N2O5%CO2

53%

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Human activities modify greenhouse effect

Carbondioxyde

Oxygen

Years

It is indeed a combustion !

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Projections are heavily scenario-dependant

World emissionsremain constant

10 billion humans raisetheir averageemissions to those of a Pole of 2000

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For those who do not believe in Science…

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Promote a better understanding of climate change mechanisms and use it’sindustrial competences to develop potential solutions

Better control greenhouse gas emissions from it’s own facilities

Help its clients to manage their greenhouse gas emissions

Promote alternatives: renewable energies non CO2 or low CO2 emitting and nuclear energy

Imagine and validate efficient and reliable solutions to capture and sequestrateCO2 (Lacq Pilot scheme and others)

… while continuing to meet the world’s energy demand(deep offshore, unconventional oil, mature fields, LNG…)

Climate change:what can an oil company do about it ?

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Capture ans Storage of CO2

Dedicated CCS program and partnership since 2001Capture technology development:IPCC – 20-40% of world CO2 emissions by 2050

CO2 injection and storageStorage integrity

Well integrity

Long termfate of CO2

P&R,monitoring

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TABLE OF CONTENTS

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2

3

4

5

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Brent price evolution forecasts

Actual

94 constant $/b

0

10

20

30

40

50

60

70

80

90

1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006

1984*

1983*1982*

1980-1981*

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Long-term WTI barrels (NYMEX):6-year futures market, New York

Prices ($ p

er b

arrel)

Prices ($ p

er b

arrel)

Jan 98 Sep 98 May 99 Feb 00 Oct 00 Jul 01 Mar 02 Nov 02 Aug 03 Apr 04 Dec 04 Sep 05 May 06

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It depends upon which newspaper you read…

Financial press stocks, stocks, market anticipations…

Economic press investment, economic growth,….

Green/red press speculation, speculation, greed….

What is driving oil prices ?

All these explanations are very partially relevant:world unused surplus capacity is the Key factor

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The price impact of OPECsurplus production capacity

Surplus OPEC capacity (right scale)

IPE Brent prices (left scale)

Price ($/b

)

M b

/d

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World excess production capacities:100% within OPEC

50

60

70

80

90

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008

Oil supply Spare capacity

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Oil Prices 2005 – 2050 (Arabian Light in US $ 2000/bbl)

0

50

100

150

200

250

2005 2011 2017 2023 2029 2035 2041 2047 2053

Oil Prices

A dream view presented in Cambridge by P.R. B on 15/03/06A dream view presented in Cambridge by P.R. B on 15/03/06

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Production costs are increasing……necessitating a relatively high oil price

Billions of barrels

80

60

40

1000 2000 3000

20 OPECMiddle East

OtherConventional

Deepwater

Ultra deepwater

EnhancedRecovery

Extra Heavy

oil

Oil shales

100

Arctic

Billions of barrels

80

60

40

1000 2000 3000

20 OPECMiddle East

OtherConventional

Deepwater

Ultra deepwater

EnhancedRecovery

Extra Heavy

oil

Oil shales

100

Arctic

$/bbl

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High oil prices are a favorable factor:To ensure stability and economic growth of oil producersTo ensure energy conservation of oil importersTo ensure development of energy substitutes (Renewable and Nuclear)To ensure development of “High Tech.” costly oil.

High oil prices means around 100 $ bbl in US 2000 $ (order of magnitude)

However before prices could stabilize in this price range a new oil shock with temporary very high prices (200 to 400 $ / bbl) is a likely scenario

Key considerationsabout future oil and energy prices

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TABLE OF CONTENTS

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2

3

4

5

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geopolitics

Peak oil and Peak gas

Carbon emission costs (climate issue)

The financial/economic crisis

The 4 main drivers for oil industry structural changes

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Geopolitics: Access to Proved reserves

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Liquid hydrocarbons: an energy compactness that no other sources canmatch, neither today nor in the future

0

1

2

3

4

5

6

7

8

9

10

0 1 2 3 4 5 6 7 8 9 10

liquidHydrocarbons

CompressedNatural gas

Hydrogen

Hydrides

Batteries

Compressed natural gas : steel or composite tanks

Hydrogen : liquid or compressed from 5000 to 10000 PSI in composite tanks

kWh / l

kWh / kg

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World Oil Production Profile and Transports Share

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Which Energy for Road Transports 1960 – 2000 - 2100

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100100Total:

5-10<1Others

60<1Nuclear

5-10<1Biomass

2598Oil

21002000Primary energy sources

Primary energy for transportin 2000 and 2100 (in percentages)

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For the future of automobile, if you believe neither in « peak oil »nor in « climate change », alternative strategies are available….

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The oil industry structure in the past and today

Crude suppliers

Refiningcapacities

19731999

*State ownership > 50%

19732000

1973

2005

Majors Nationalcompanies*

OthersCompanies

Majors Nationalcompanies*

OthersCompanies

0%

20%

40%

60%

80%

0%

20%

40%

60%

80%

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PIW ranking of top 20 oil companies

*Majority States-owned Firms

SAUDI ARAMCO*

PDVSA*SHELL

NIOC*

PEMEX*

EXXON MOBIL

GAZPROM

CHEVRON

NNPC*

BP

SONATRACH*KPC*

PETROBRAS*ADNOC*

TOTAL

ENI

CONOCOPHILLIPS

PETRONAS*LUKOIL

CNPC*

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National Oil Companies dominate oil and gas industry

Oil and gas production

In 2006

129 Mbep/j (oil ~ 81.7 Mb/d)

15 %

28 %

29 % 54 %17 %

10 % Others

Oil and gas proved reserves

end of 2006

2336 Bbep

OPEC NOCs: Saudi Aramco, PDVSA, NNPC, QatarPetroleum, Sonatrach, NIOC, ADNOC, NOC, KPC, Pertamina, SonangolNon-OPEC NOCs: PEMEX, Petrochina, Petrobras, Statoil, Sinopec, Petronas, ONGC, Gazprom, CNOOC, CNPC, Ecopetrol, etc. Sources: BP Statistical Review.,Wood Mackenzie, Total estimates, IFP, Lehman Brothers & Citigroupsurveys

Exxo

nMob

il

Che

vron

BPSh

ell

TOTA

L (1

.8%

)

Con

ocoP

hilli

ps

Che

vron

BP

She

ll

TOTA

LExx

onM

obil

Con

ocoP

hilli

ps

24 %

25 %

41 %

ExxonM

obil

Chevro

n

BPShel

l

TO

TA

L (

3.5%

)

Capital expenditures E&P

2006

324 B$

ConocoPhill

ips

28 %

19 %

10 %

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9


IOC’s and NOC’s Links

Tomorrow

Linkages intensity

Today

IOC’s

NOC’s

Growing joint operations and even cross-ownerships

IOC’s

NOC’s

Weak

Medium

strong

Some upstream cooperations but Very little integration

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9


Oil Cies and services Cies links

Today

Increased linkages:

long term contracts,

R and D associations,

NOC’S/Service Cies association,

“reintegration” by oil Cies?

Tomorrow

Oil Cies (IOC’S and NOC’S)

Services Cies

Oil Cies (IOC’S and NOC’S)

Services Cies

Very limited linkages today

but some do exist.

Linkages intensity

Weak

Medium

strong

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9


Crisis short/medium term impact on theoil industry investment strategy

Business area mostimpacted

deep offshore drilling

LNG projects

Large oil and gas projects

Major IOC’S

some NOC’S (chinese, …)

cash rich independants

Business area lessimpacted

exploration drilling

seismic

onshore drilling (especially US) (*)

shallow offshore drilling

US Natural gas

extra heavy oil/tar sands

Cash short NOC’S

Cash short independants

1

2

3

4

5

6

7

8(*): number of onshore gas drilling rigs fell from 1600

(September 2008) to 700 (June 2009) according to Baker Hughes.

1

2

3

4

5

6

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9


Most NOC’S and IOC’SSome medium size

Some small independants

Crisis medium/long term impact on the oil industryinvestment strategy

Compagnies withlow Debts

A few IOC’S and NOC’SMost medium size companies

Most small independants

Compagnies withhigh Debts

Limitations on borrowing capabilities and on project financing structuring will delay some major projects.

However they will try to purchase stakes of weaker companies in those similar long term projects.

Will do limited external growth (acquisitions) but major mergers unlikeky.

1

2

3

Some will get bankrupted, some will be acquired and some will merge, especially among US independants.

Most will focus their investment on short or medium term projects and delay as possible longer term ones.

Some will sell interests in long term projects (UTS: an exception or a missed opportunity?).

1

2

3

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9


The IOC’s business modeltoday and tomorrow

Today

E and P

Petochem/chemicals

Marketing

Other energies

Renewables

Coal

Nuclear

Electricity

CCS technology

Batteries

solar

wind

biofuels

Etc…

Tomorrow

E and P

Petochem/chemicals

Marketing

Other energies

Renewables

Coal

Nuclear

Electricity

CCS technology

Batteries

solar

wind

biofuels

Etc…

Refining Refining

Weak

Medium

strong

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9


The NOC’s business modeltoday and tomorrow

Today

E and P

Petochem/chemicals

Marketing

Other energies

Renewables

Coal

Nuclear

Electricity

CCS technology

Batteries

Tomorrow

E and P

Petochem/chemicals

Marketing

Other energies

Renewables

Coal

Nuclear

Electricity

CCS technology

Batteries

Refining Refining

Weak

Medium

strong

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9


The production growth challenge

Producing fields decline (~5% to 6%/year)

0

20

40

60

80

100

120

1995 2000 2005 2010 2015

Required capacity

increase

Mb/d

World oil production

Increasing demand and natural decline of producing fields require~ 50 Mb/d of new production between 2005 and 2015

Mb/d = Million barrels per day

Geopolitical constraints or local troubles in producing countries

New developments are complex, expensive and time-consuming

Estimated demand growth (~1% to 1.5%/year)

Producing fields decline (~5% to 6%/year)

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Greater risk to sustainable long-termoil production capacity

World oil production

Mb/d

100

50

USA, North Sea, Russia, MexicoDecline: 5%/y average

Middle East

Canada, Venezuela

Rest of the world

Delayed heavy oil projects -1,5 Mb/d

2008 2015(e)

Reduced growthIran, Iraq

Decline rate accelerated by 1%/year

Total mid-2008 vision

Example of risks threatening 2015 supply due to delays

and lack of investments

-4 Mb/d

2015(e)

No change in Total’s long term strategy

0

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Significant (unconventional) resourcesyet to be produced

Oil resources Gas resources

Unconventional resourcesoil shale, shale gas,

coal bed methane, tight gas

(Extra) Heavy oil

New discoveries and increased recovery rate

Identified resources

Oil and gas resources require increasing technological proficiency

and higher capital expenditures in order to be brought onstream

~3,000 Bboe

33 years of production

at current pace

50 years

100 years

70 years

~2,000 Bboe

60 years of production at current pace

95 years

115 years2000+ Tcf

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It should be bright for all players: IOC’s, NOC’s, independants,but also contractors, major Service Cies, specialized Service Cies…not forgetting R and D Institutes and Training Specialists!

Twenty years down the road this industry will have been deeply« redesigned » both because of the ressources/production constraintsand the climate change issues

Like always the most adaptable and the best will not only survive: theywill do fascinating jobs and make money!!

Conclusion: future of oil industry

What Energy Future after the World Oil Production Peak?

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