A Peak Oil refers to the point at which extraction of petroleum is at its maximum and after which production of oil can only diminish. Peak Oil does not mean that no more oil exists, but where global production can no longer be maintained or increased. Production will no longer be able to meet growing demand as it has been able to do in the past. Peak oil can also be applied to individual wells and is the point at which maximum oil extraction for that well occurs.
Related Definitions in the Project: The Plant and Process Unit
Example Article of the Peak Oil:
The Biggest Argument For Peak Oil (Source: Oil Price on 2 October 2022): By Alex Kimani - It’s been two years since British oil and gas supermajor BP Plc. (NYSE: BP) dramatically declared that the world was already past Peak Oil demand. In the company’s 2020 Energy Outlook, chief executive Bernard Looney pledged that BP would increase its renewables spending twentyfold to $5 billion a year by 2030 and “... not enter any new countries for oil and gas exploration”. That announcement came as a bit of a shocker given how aggressive BP has been in exploring new oil and gas frontiers. When many analysts talk about Peak Oil, they are usually referring to that point in time when global oil demand enters a phase of terminal and irreversible decline. According to BP, this point has already come and gone, with oil demand slated to fall by at least 10% in the current decade and by as much as 50% over the next two. BP noted that historically, energy demand has risen steadily in tandem with global economic growth with few interruptions; however, the COVID-19 crisis and increased climate action might have permanently altered that playbook. ...
TotalEnergies Expects Peak Oil Demand Before 2030 (Source: Oil Price on 27 September 2021): Global oil demand will plateau before the end of this decade and decline strongly after 2030, TotalEnergies said in its Energy Outlook 2021 unveiled on Monday. Previously, TotalEnergies had expected peak oil demand at some point around 2030, with a slow decline after that. The French supermajor presented two scenarios for global energy and oil demand to 2050—Momentum, a forward-looking scenario, and Rupture, a scenario in which the world could reach well-below 2 degrees Celsius global warming compared to pre-industrial levels. The Momentum scenario includes the acceleration of current market trends and the commitment of countries to net-zero emissions by 2050. The scenario assumes China’s emissions reaching their peak in the middle of the 2020s, and the country achieving around 60 percent decarbonization by 2050. ...
