Even though ExxonMobil never will use the word “Peak Oil” they have in fact used it by saying that the production will stay flat to 2012. Another problem that Exxon and the other majors have is that they cannot replace the yearly produced oil win new oil reserves. Instead, they talk about oil equivalence. This was shown in the thesis of Fredric Robelius from the Global Energy Systems group at Uppsala University in Sweden, Page 115: “To summarize, the four largest private oil companies have not succeeded in increasing neither production nor reserves despite an increase in the oil price and increased investments in exploration and production.”
