Total: Peak Oil Before 2020  

Posted by Big Gav in ,

Reuters reports that an executive of French oil company Total expects oil production to peak before the end of the next decade - and wants the company to move into nuclear power in the post-oil age (something Bucky Fuller predicted would be the next step for the oil industry) - Total sees nuclear energy for growth after peak oil.

French oil and gas giant Total (TOTF.PA: Quote, Profile, Research, Stock Buzz) is targeting nuclear energy to drive growth long after oil and gas output peak, a top executive said on Monday.

"In the future, energy demand will be constrained by tight supply," Arnaud Chaperon, Total's senior vice president for electricity and new energies, said in a presentation to a nuclear energy conference in Qatar. "Oil and gas will still play a big role in the energy balance. But in the electrification of the world economy, nuclear will play a major role, together with the development of solar and other renewables ... That is why Total is very interested in developing nuclear and renewables."

Global oil output was likely to peak toward the end of the next decade, while gas would follow a decade or so later, he said. Total executives had said previously they expected global oil production to level off just short of 100 million barrels per day around 2020, up from current output of about 85 million bpd.

Total believed it could leverage its experience building megaprojects in the energy industry to take a foothold in the nuclear industry, Chaperon said.

3 comments

Why does it always seem that oil companies talk about replacing oil with nuclear instead of any other source? The only rational explanation I could ever figure out is that it helps keep energy production centralized and in fewer hands, therefore being easier to manipulate supplies and prices. I would really like to hear a better reason.

Yes - that is what Bucky Fuller said as well (hence my cryptic comment about him).

I can't think of any better reason.

When the oil majors do try renewables projects they try for the same model - so geothermal power or large scale solar thermal is attractive to them, but solar PV really isn't.

....or windmills that anyone can put in their back yard

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