Penguins and Oil? Exploration back in the Falklands as oil output reaches peak levels

Oil companies have returned to the Falklands searching for oil for the first time since 1998.  This in the week that the Peak Oil Group - set up 18 months ago by leading figures such as Sir Richard Branson and Ian Marchant (Chief Executive of Scottish and Southern power company) - will publish a report warning that global oil production will peak as early as 2015.  The report predicts the impact of this as being a soaring price in crude.

The group will demand greater incentives be put into place to move to low-carbon energy generation and policies be developed that encouarge greater energy efficiency.  The soaring price of crude which makes things like the Falklands exploration economically viable, is not a long-term answer.