Peak Oil: Testing Hubbert's Curve via theoretical modelling

Publication Type:
Journal Article
Natural Resources Research, 2008, 17 (1), pp. 1 - 11
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A theoretical model of conventional oil production has been developed. The model does not assume Hubberts bell curve, an asymmetric bell curve, or a reserve-to-production ratio method is correct, and does not use oil production data as an input. The theoretical model is in close agreement with actual production data until the 1979 oil crisis, with an R 2 value of greater than 0.98. Whilst the theoretical model indicates that an ideal production curve is slightly asymmetric, which differs from Hubberts curve, the ideal model compares well with the Hubbert model, with R 2 values in excess of 0.95. Amending the theoretical model to take into account the 1979 oil crisis, and assuming the ultimately recoverable resources are in the range of 23 trillion barrels, the amended model predicts conventional oil production to peak between 2010 and 2025. The amended model, for the case when the ultimately recoverable resources is 2.2 trillion barrels, indicates that oil production peaks in 2013.
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