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The general director of Lukoil , Leonid Fedun warning that the total Russian oil output reached the maximum (peak) in 2007. Also he states that it will be unlikely that the same production capacity to be reached again at any time in the future. He compared the West Siberian reserves to those from the North Sea and Mexico where the petrol output is declining . In order to keep the current 2008 output Russia will need to spend one trillion us $ .
Originally posted by pynner
Just because they found a new field somewhere doesn't mean that peak oil is a lie.... of course we are going to find new pockets, doesn't mean there will be as much as before..
I think we are past peak, but I also think we are being jerked around.. as always...
and to be fair.. if the U.S really had a huge oilfield under SD.. they would have tapped that ass sometime ago.. lol
at the end of the day..oil needs to be cut loose.