BP Boss On Peak Oil  

Posted by Big Gav in ,

The BBC is reporting BP boss Tony Hayward is predicting peak oil by 2020 and peak demand before then - 'Unreasonable paranoia' about gas supplies.

The chief executive of BP has said there is 'unreasonable paranoia' about gas supplies to the UK. In a rare broadcast interview, Tony Hayward told Today presenter Evan Davis that it was "curious as to why there is so much concern about us becoming more reliant on imported gas".

He added that "there's a lot of gas available from many diverse sources," and said that in the past six months the UK had sourced supplies from countries including Norway, Algeria, Egypt and Trinidad. "It's a very sensible way to bridge between where were are today and where we all want to be in twenty or thirty years' time."

Mr Hayward also said that he expects the oil supply to peak in 2020, but that demand will hit a high before then.

The Guardian has a different take on Hayward's views, saying BP "never" expect supply to peak (predicting a big increase in production of oil from Iraq) but that demand will peak "after 2020" - did these guys listen to the same interview (!) - Tony Hayward: BP's straight-talking chief on evolution not revolution.
The straight-talking oil explorer, who is said to still enjoy the occasional triathlon, is an optimist and has little time for those who argue the world has passed, or is even approaching, peak oil supplies. "I personally – and BP – have never believed we will see peak oil because of supply. We always believed we would see peak oil because of demand. There will come a time – I believe it is beyond 2020 – when because of the changes in the energy portfolio, because of the drive for energy efficiency, because of the introduction of biofuels, demand for oil will peak."

There is plenty of oil in the world, he argues, not least in Iraq, where BP has staff working on the ground, even ahead of important political elections.

Hayward expects Iraq's oil production to grow from a couple of million barrels a day today to close to 10m, putting it on par with Saudi Arabia. This makes it "a big part of oil security for the world."

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