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Page added on November 2, 2015
Current Technology Can Meet 2050’s 2.5 Trillion Barrel Demand
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.
10 Comments on "Current Technology Can Meet 2050’s 2.5 Trillion Barrel Demand"
Lawfish1964 on Mon, 2nd Nov 2015 2:25 pm
Isn’t that great? We’ll be able to power our motorboats all over Tampa and Miami. Might be a tad warm, but hey, what price do you put on the ability to continue wasting a precious resource indefinitely?
dave thompson on Mon, 2nd Nov 2015 2:43 pm
Because………..technology!
rockman on Mon, 2nd Nov 2015 2:57 pm
And thd same old matra from thd Rockman: any pediction of future PRODUCING or even PROVED reserve numbers is meaningless to it doesn’t also include the oil price prediction. Just consider the the hundreds of million (if not billions) of bbls of oil that have just been reclassified as non-commercial and thus no longer be counted as reserves.
Or more to the point: are they projecting the average oil price (in 2015 dollars) between now and 2050 to be $100/bbl? $70/bbl? $150/bbl? $45/bbl? If they don’t make that information available then there no way to evaluate their projection.
rockman on Mon, 2nd Nov 2015 3:03 pm
dave – And not just technology but the economic justification to implement it. We have the technology to put any American in orbit of the space station, But do we have the capital to send EVERY American into space. We have the technology to produce trillions of bbls of oil. But will we have the capital along with the economic justification to do so.
shortonoil on Mon, 2nd Nov 2015 3:18 pm
“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.”
In 2000 the USGS gave a 5% probably that there was 4.2 trillion barrels of liquid hydrocarbons on the planet. According to BP, USGS missed 3.3 trillion barrels. Sure — easy enough to do, 3.3 trillion barrels could be hiding almost anywhere! That 4.2 trillion was even considered by most as extreme. Colin Campbell was quoted as saying, “there’s a 5% chance that I’m a frog”.
As the noose tightens around the petroleum industry’s throat:
http://www.thehillsgroup.org/depletion2_022.htm
the claims are not only getting extreme, they are getting bizarre.
BP is attempting to pull their trump card, “the magic of technology”, to assure the market that they will be producing oil, and profits long into the future. Mother Nature, and the Laws of Physics has another plan in store for them.
http://www.thehillsgroup.org/
dave thompson on Mon, 2nd Nov 2015 6:21 pm
I don’t give a shit how much technology or capital is available. Once EROEI hits a low enough ratio say 6 to 1 or less, overall, game over.
makati1 on Mon, 2nd Nov 2015 6:49 pm
dave t, Bingo! ^_^
Newfie on Mon, 2nd Nov 2015 7:46 pm
Concerns over running out of oil and gas “really have disappeared”. Um… The sun is going to shine for another 5 billion years. Is the oil and gas going to last until then ? ROTFLMAO.
onlooker on Tue, 3rd Nov 2015 1:05 am
Total unrealistic hyperbole. Glad you guys quickly shot down this article.
Kenz300 on Tue, 3rd Nov 2015 8:51 am
Electric vehicles, bicycles and mass transit are the future…….
the world is in transition away from fossil fuels……. it has to
Climate Change is real….. we will all be impacted by it……
Exxon’s Climate Change Cover-Up Is ‘Unparalleled Evil,’ Says Activist
http://www.huffingtonpost.com/entry/exxon-evil-bill-mckibben_561e7362e4b028dd7ea5f45f?utm_hp_ref=green&ir=Green§ion=green
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Oil and Gas Companies Make Statement in Support of U.N. Climate Goals – The New York Times
http://www.nytimes.com/2015/10/17/business/energy-environment/oil-companies-climate-change-un.html?&moduleDetail=section-news-2&action=click&contentCollection=International%20Business®ion=Footer&module=MoreInSection&version=WhatsNext&contentID=WhatsNext&pgtype=article