Oil Scene

An engrossing, encompassing and interesting debate is raging and the entire energy fraternity is passionately involved. Proponents and the opponents of the peak oil theory are out in open

And when Jum’ah says something he speaks with a sense of authority and responsibility. After all he is the caretaker of the world’s largest crude reserve.

Speaking before a galaxy of industry experts in Vienna, Jum’ah vehemently argued, “the world has consumed only about 18 percent of its conventional potential” of the totally producible potential of 5.7 trillion barrels of oil. And he stressed: “We are looking at more than 4.5 trillion barrels of potentially recoverable oil (still to be recovered).” He added, extracting “every last economic barrel” was challenging but not impossible and exhorted the industry leaders to step up exploration and “leave minimum amount of oil in the ground.” In the process Jum’ah shred apart the theory that the global crude supplies are in the danger of running out within a few decades. Facts speak to the contrary, he emphasized.

MENAFN