Vision for meeting energy needs beyond oil

by Jeroen van der Veer, chief executive of Royal Dutch Shell

My view is that “easy” oil has probably passed its peak. But there are other reserves that are still a long way from their peak. In unconventional oil and gas – resources that are harder to tap – there are plenty of reserves. The oil industry has to explore new frontiers, develop new hydrocarbon energy sources and integrate “CO2 solutions”.

One prerequisite for success is ensuring sufficient investment to access more difficult resources and undertake long-term technology development. The International Energy Agency estimates that meeting global energy needs will require investing more than $17,000bn by 2030. Given the urgent investment needs, exacting windfall taxes is counterproductive, particularly in an industry with a history of volatile prices.

Energy Bulletin