Matthew Simmons: Or, prove me wrong

EB

Oil has peaked, but where's the data? analyst asks
Barbara Lewis, Reuters

One of the leading exponents of the peak oil theory that reserves have gone beyond maximum production and entered irreversible decline urged the world's oil industry to build a data base to prove whether he is right.

Energy investment banker Matthew Simmons, chairman of Houston-based investment banking firm Simmons & Co. International, ... said it was not just national oil companies, but also oil majors,... who should be providing precise data to establish the health of the world's supplies once and for all.

"In my opinion the only way to reliably gauge the timing of the peak is to stipulate a legal requirement for any field producing over 50,000 barrels per day to produce historical data on a quarterly basis," Simmons said in a speech as part of International Petroleum Week.

Data so far in existence are sketchy, with the exception of for the British and Norwegian North Sea, Simmons said.

He noted members of the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, have never allowed an independent audit of their reserves.

"The world is basing its energy future on a non-audited set of books," he said. (13 Feb 2007)
Sounds like a reasonable proposal! -BA