The oil and gas industry will be able to meet the world’s consumption demand of around 2.5 trillion barrels of oil and gas in 2050 using current upstream technology, according to BP’s Technology Outlook report, which was launched at the energy firm’s London office Monday.
BP’s report shows that, by using the best available technologies in the sector today for discovered oil and gas, around 4.8 trillion barrels of oil and gas equivalent would be available around the world. Furthermore, if exploration and new technologies are factored in, this number has the potential to grow to around 7.5 trillion barrels of oil and gas equivalent, which is likely to be roughly triple the world’s demand by 2050.
Addressing a number of journalists in an exclusive media briefing, David Eyton, BP Group head of technology, stated:
“On current trends around about 2.5 trillions of barrels equivalent of oil and gas will be consumed by 2050 and over this time technology will continue to unlock new resources so we have more than enough to meet demand and, critically, no new technologies frankly are required to meet that demand at 2050. Our analysis shows that if we use best available technologies today for discovered oil and gas, then you move around to 4.8 trillion barrels of oil and gas equivalent available in the world, so roughly double what we probably need is already accessible using today’s technology. If you then take into account what might be achieved through exploration and what might be achieved through new technology, at to 2050, that number grows from 4.8 to 7.5 trillion barrels of oil and gas equivalent.”
Commenting on some of the current key technology levers for extracting oil and gas, Eyton highlighted the importance of seismic imaging, enhanced oil recovery and digital inventions, such as sensors, robotics and supercomputers for data analysis. Eyton also confirmed that “energy resources are plentiful” during the BP Technology Outlook launch and stated that concerns over running out of oil and gas “really have disappeared” in BP’s view.