Russian oil at its peak, says DudleyA

According to Financial Times FT.com:

Robert Dudley, the outgoing chief executive of TNK-BP, said that Russia’s oil production looked set for a protracted decline, in part due to lack of investment.

In only his second public appearance since he was forced to leave Russia in July amid a bitter struggle for control of TNK-BP between BP and its Russian billionaire partners, Mr Dudley said Russian oil production looked to have reached its peak in August.

“There isn’t going to be a precipitous decline. It’s very mature oil fields and there will probably be a gentle decline as we move on,” Mr Dudley said on the sidelines of the Oil and Money conference in London.

“But I believe we are . . . at the top of a broad curve or cycle right now until other things happen.”

Read the full article at Financial Times FT.com

- So, confirmation from Chief Executive of TNK-BP that the oil in Russia had peaked in production until "other things happen" which may means other "newly discovered" oil fields to start extraction?

This confirms one of THE PEAK OIL Theory that major oil fields in the world is about to peak in production or currently PEAKED and set to decline either gently or very steeply.

Looking at the current economic crisis, the excuse for OPEC and Russia will be lacking of investments or probably the price of oil had fallen below the profit margin instead.

However, in the peak oil theory....there are no major oil fields found in the last 40 years that is about the same size of Saudi Arabia of the mysterious oil reserve figure (260 billion barrels) that remain unchanged for years.

If you search all the websites on which oil field had peaked in extraction and in decline...you will be shocked as well how many is officially peaked.

We might be looking a global oil shortage due to the financial crisis right now which I think represent "Net Oil" theory which means the oil may remain in the ground even at higher demand because the cost of extractions had gone below the crude oil price tag making it not profitable to even extract it at all.

The problem now is what happens if the oil price spike up again...I guess you know the answer.

See Also

1. OIL INDUSTRY REACHING PEAK PRODUCTION RATE, WARNS EXPERT
2. Will Protest Bring Down Cost Of Oil??
3. Forum sees oil peak as world crisis
4. Has Russia oil output peaked?
5. Russian Declining Oil Production = Peak Oil Russia?
6. Key oil exporters can turn into importers in 10 years: report

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