– I personally don’t think that a Peak Oil crises is going to come to a sudden head. So long as global systems remain mostly intact, those who produce oil will work ever harder and harder to meet demand as prices rise – driven ever onward by the rising prices.
– No, when things unravel, I think it will be from a series of small cuts that will begin to impact the functioning of the overall system. And, as their cumulative impact builds into a positive feedback cycle, we will find that the transition happens rather quickly.
– The way that the current financial crises is developing, one could imagine that it could progress to the point where it begins to feed back strongly on itself and the results could be bad.
– But, that’s not why I’m writing this piece.  I wanted to tell you about a new gas field that’s been found off the coast of Brazil. it’s the second major find there in recent months.
– It is these kinds of things that makes me think that the Peak Oil crises will come on slowly and that long before we feel deep pain from it, something else will have unraveled to much greater effect elsewhere.
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A huge natural gas field has been found a short distance off Rio de Janeiro’s coastline, Petrobras, Brazil’s state-controlled oil company, says.
The company believes the new field, Jupiter, could match the recently discovered Tupi oil field in size.
Tupi is thought to be one of the largest fields discovered in the past 20 years.
But Petrobras officials say further work needs to be done to establish Jupiter’s exact dimensions.
The new field is located just 37km (23 miles) from Tupi, some 5,100m (5,600 yards) below the surface of the Atlantic Ocean, around 290km from Rio de Janeiro, Petrobras says.
While not providing any specific details on the size of the new reserve, Petrobras said “its structure could have dimensions similar to Tupi”.
Petrobras estimates Tupi contains between five and eight billion barrels of light oil.
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