FT.com / Companies / Oil & Gas - Daunting tasks awaiting new BP chairman.
Oil production in most developed economies is in decline, and the countries with the reserves to sustain production for 30 years or more are almost all members of Opec, the oil producers’ cartel.
BP has a good record of finding oil and gas, but unless it can gain access to resources it will wither and die.
For the new chairman, the strategic priority is to secure resources.
I find such comments amazing: can't BP, the FT and the markets face the reality that oil is running out in our lifetime?
That may, or may not, help us face global warming issues, but worrying about BP is a minor issue: who is worrying about the alternatives?
I find it simply amazing that we continue to walk headlong towards the most massive required change in our economy apaprently clueless about how we're going to manage the change to what might be called the 'low oil' future.
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What reality? Even the most pessimistic observers agree that there is no such reality. There will be more expensive oil, that seems likely. But run out?
When was the last time we ran out of anything besides common sense?
Patrick
Are you aware that we live in a finite world?
Richard
The exploration of alternate fuel is the only answer to rise in consumption levels.Production of alternate fuel is already taking place but at a slower pace.Take the case of India where alternate biodiesel is being produced and is considered clean alternative choice in comparison to petrol and diesel as it results in lower emissions and is generated from renewal resources such as vegetable oil, animal fats or Jatropha plant.But the marketing of transport fuel is under administrative control of Indian government, which the biodiesel producers in India find difficult to overcome as even the production cost for sale to government’s PSUs is not met and these producers can not set up their own outlets in view of the mandate of the petroleum ministry’s directives.This is strange at a time when we talk of scarcity and rising prices of petrol.The production of alternative fuel needs to be encouraged and not to be disowned either in India or in any other country.Finite or infinite we need to look for alternatives but the seriousness by the governments anywhere needs to be just happening.
I have never seen it done that way. ,