When it comes to reserves, Gulf not running on empty
Q: There's a brewing debate surrounding the "peak oil" theory. The idea is that global oil production will hit its high this decade â maybe even in the next year or two â and begin an irrevocable fall that will leave oil-intensive countries in the lurch. Do you believe oil is peaking?
A: First of all, we in the oil industry have a hard time with predictions â particularly oil prices. There is a debate about peak oil, but the really important issues are the supply-demand balance and the impact crude prices are having on our economy and global economies. Regardless of whether those theories are correct, it highlights the need for exploration. It's important to us to access and assess all the acreage we can.