Supermajor BP declares the death of peak oil

The supermajor sees energy landscape shifting as demand growth slows and new fuels emerge to challenge oil's supremacy

UK supermajor BP has claimed the concept of global energy supply peaking amid rapidly rising consumption is no longer valid as new fuels emerge and energy demand growth slows."The theory of peak oil has peaked," BP chief executive Bob Dudley said as he unveiled the company's new energy outlook to 2035. The outlook, which forecasts global energy supply and demand trends between 2012 and 2035, estimates total global energy consumption will rise by 41% between 2012 to 2035. This is compared to a rise of 55% over the last 23 years and 30% over the past decade.  Global energy demand will grow at around 2% per year between now and 2020 then falling to a rate of 1.2% per year to 2035, BP said. Arou