Oil Production Could Peak Next Year

clipped from www.livescience.com
Oil Production Could Peak Next Year

Global oil production will peak sometime between next year and 2018 and then decline, according to a controversial new model developed by a Swedish physicist.

Previous oil-peak models have used a “top-down” approach to estimate future production based on three factors—past rates of total production, estimates of how much oil is left and a steady decline rate.

The new model, developed by Fredrik Robelius, a physicist and petroleum engineer at the University of Uppsala in Sweden, uses a “bottom-up” approach based on field-by-field analyses of the 333 giant oil fields in use today. These together account for more than 60 percent of today’s oil production. He pooled the contributions from all the smaller fields together, treating them as an additional giant field.