The Oil Drum

Also...

The world's third-largest fully publicly traded oil company by market value said production would fall in 2007 and only grow slightly to the end of the decade, compared to earlier plans to grow at 4 percent per annum.

BP added that achieving these scaled back goals would require the company to invest more than the levels expected to deliver the higher targets.

Production has fallen for 2 straight years. Production is expected to only grow slowly (I expect it to fall) for 3 more years before any hope of returning to stronger growth occurs and it will cost much more than previously anticipated. But the world is not at peak so party on dudes!