Total: World oil output to reach 95 million b/d by 2020

PARIS — Worldwide oil production will stabilize at about 95 million b/d before 2020, including extra heavy crude from Venezuela and Canada, said Total SA Chief Executive Officer Christophe de Margerie based on a long-term, internal company oil study, just released.

Energy savings and efficiency are therefore “absolutely necessary” to limit an ever-increasing demand pulled along by emerging countries and transport with an ever stronger focus on light products, the study said.



A further 5 million b/d might be added with products processed from biofuels, gas-to-liquids and coal-to-liquids, condensates, LPG, and the addition of refining gains, raising to 100 million b/d the overall oil supply to which the world will have to adapt within the time frame, the study said.

“A very ambitious plateau, which will be difficult to uphold,” De Margerie said.

Jean-Jacques Mosconi, Total’s head of strategy and economic intelligence, said the 116 million b/d supply assumption by 2030 given out by the International Energy Agency is “too optimistic.”

Oil and Gas Journal