1. Introduction
Energy consumption of the world is increasing day by day. However, the conventional sources of energy (oil, gas,
coal, etc.) are decreasing with increasing energy consumption, which is alarming for modern civilization.
Contemporary geological knowledge, backdated reserve figures and accurate production histories generate
convincing evidence suggesting that the peak of all liquid hydrocarbons comes around 2010. Economic
development and prosperity over the past century has been built on cheap and abundant oil-based energy.