What is Peak oil?
"The term Peak Oil refers to the maximum rate of the production of oil in any area under consideration, recognising that it is a finite natural resource, subject to depletion."
--Colin Campbell
Unrest in Libya
Submitted by Mikael Höök on Wed, 2011-02-23 18:06.
Unrest in Libya caused several oil-industry companies to say they were halting output in Africa's third-largest producing country.
Spain's Repsol and Italy's Eni said they had shut in production. Austia’s OMV also said it was expecting “a temporary reduction” of its Libyan production and “cannot exclude a complete stop”. BASF unit Wintershall confirmed today it was halting output of as much as 100,000 bpd.
A number of companies including BP, Royal Dutch Shell and Suncor Energy said they were pulling out staff, but had not confirmed any production impact. Schlumberger, the world's largest oilfield services company, was shutting down operations in Libya. Chief executive Andrew Gould cited "disturbing" events in Libya, which accounts for 1% of Schlumberger's overall revenue.
Opec member Libya is Italy's biggest oil supplier and covers about 10% of its natural gas needs through the underwater pipeline Greenstream, controlled by Eni. Eni said gas supplies from Greenstream were suspended but also that it could meet demand from its clients.
Read more: Upstream Online
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