Rate of conversion

09/25/2006
The ongoing discussions about “peak oil” have continually skirted the one unifying concept which addresses the reality about the (eventual) peaking of global liquids production. The realities can perhaps best be summarized by addressing the rate of conversion of resources to production capacity or supply.Our industry is perhaps flat out in terms of its abilities to add additional low-cost supply. We may be at the peak rate of conversion reflected in increasing costs from the service providers and the squeezing of profitability for producers. In some areas, this increase in costs (and reduction in product prices) is reflected in margins of profitability being reduced to levels ...
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