Wednesday, 11 May 2005
Current and former elected officials will debate a proposed international agreement to avoid global conflict over the world’s depleting oil supplies during a conference at the Gulbenkian Foundation in Lisbon on 19 May 2005.
Loosely modelled on the Kyoto Protocol for climate change, the proposed ‘Oil Depletion Protocol’ would provide a framework for major consumers to use less oil and develop alternatives, while preventing major producers from profiteering as oil supplies become scarce. It would also help poorer nations share more equitably the world’s remaining oil to meet their developing needs.
The panel will include:
More than 300 people are expected to attend the two-day conference, including oil and energy industry leaders, investment analysts, consultants and government officials.
“Huge adjustments will have to be made to improve energy efficiency and bring in renewable sources as world oil production inevitably begins to decline, possibly within the next few years,” Colin Campbell, a Board member of the London-based Oil Depletion Analysis Centre, said.
“To prevent an incoherent, destructive global free-for-all for the world’s remaining oil, we need a managed approach through international agreement,” he said.
Under the proposed Protocol, oil-importing countries would be required to reduce their imports to match the overall world depletion rate and oil-producing countries would agree not to produce above their current rates of depletion.? Such an agreement would moderate world oil prices and help stimulate locally the development of renewable energy sources.
“The alternative is ever-soaring oil prices with destabilising effects on the world economy,” Dr Campbell said, “which clearly would be in no one’s interest.”
A draft of the Oil Depletion Protocol can be found at:
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For more information:
Jim Meyer +44 (0)20 7424 0049
Note to editors:
Full details of the conference are available at: www.cge.uevora.pt/aspo2005/
The Oil Depletion Analysis Centre (ODAC) is a UK-registered educational charity working to raise international public awareness and promote better understanding of the world’s oil-depletion problem. Further information is available at: www.odac-info.org.