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Oil yet to peak, says ExxonMobil Australia head

Source:  Copyright 2006, Herald Sun
Date:  September 12, 2006
Byline:  Cameron England
Original URL: Status ONLINE

THE end of oil was "nowhere in sight" according to ExxonMobil Australia chairman Mark Nolan.

Speaking at the Asia Pacific Oil & Gas Conference in Adelaide yesterday, Mr Nolan said figures from the United States Geological Survey refuted "peak oil" theory, showing there were more than three trillion barrels of conventional recoverable oil resources.
"So far we have produced one trillion of that," Mr Nolan said.

"Conservative estimates of heavy oil and shale oil push the total recoverable resource to more than four trillion barrels.

"It is important to note that as an industry and a society we have always underestimated the global resource base and the ability of technology to extend both the life of oil and gas fields, and to find new resources.

"We should not forget that we can recover almost twice as much oil today as when we first discovered it over ...

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