Drumbeat: December 12, 2012

Total: Oil Production to Peak at 98M Barrels per Day

PARIS – New discoveries and technological advances have increased the oil industry’s ability to increase production in recent years, pushing global maximum oil production to 98 million barrels per day for longer than initially expected, Total SA’s Chairman and Chief Executive Christophe de Margerie said Tuesday.

Global oil production should plateau at that level for some time before dropping as reserves gradually deplete, de Margerie said during a meeting with the Anglo-American Press Association in Paris.

Technological constraints led the French oil major to estimate in 2007 that the “peak ...



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