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
A supply model for crude oil and natural gas in the Middle East
Publication date:
2007-04-01
First published in:
Energy Policy
Abstract:
Crude oil (CO) and natural gas (NG) play an important role in the world economy. The Arab countries (ACs) share 64% of the total oil reserves and 40% of the NG reserves. On the production side, ACs contribute to 30% and 9% of the world production of CO and NG, respectively. Accurate forecast models are needed to do better planning and create less risky business environment. In this paper, an econometric model is built to capture the behavior of CO and NG production in the ESCWA countries. The model is used to forecast future production trends of CO and NG, and thus provide a powerful tool for researchers, planners and investors working in the energy field.
Published in: Energy Policy, Volume 35, Issue 4, April 2007, Pages 2096-2109
Available from: ScienceDirect
