This was revealed by the
Secretary General of OPEC, Mr. Abdalla S. El-Badri, at the executive
plenary session of the Kuwait Oil and Gas
Show and Conference, last week. According to him, the global energy demand
is expected to expand by around 50 per cent by the next 25 years.
In view of this, he said
all forms of energy would be needed, such as wind, solar, hydro, nuclear and of
course fossil fuels, which would continue to play major role in meeting the
demand. He added that the growth would require some major investments.
In his own words: “In terms of oil, with demand projected to grow to 110
million barrels a day by 2040, oil-related investment requirements are
estimated to be around $10 trillion between now and then. With all this in
mind, let me stress that there is no doubt that the world has enough oil and
energy resources to meet these expected future needs. The most recent analysis
for the remaining ultimately recoverable oil resources puts the figure at 2.8
trillion barrels. And for natural gas, it is over 420 trillion standard cubic
metres.”
While speaking on the
theme: ‘Future Hydrocarbon Resources:
Innovation, Technology and Opportunities’, at the conference, Mr. El-Badri
said that the three forms of energy are not only vital to developing the
industry’s future hydrocarbon reserves and other related activities, they have
also been central to its past.
He underscored the need for
more energy in the decades to come as the global population expands, economies
grow, and countries seek to provide the energy poor with access to modern
energy services.
He said: “We need to remember that many billions of people still rely
on biomass for their basic needs and more than a billion still have no access
to electricity.”
While urging the investors
to tap the opportunities in innovation and new technologies, the OPEC Secretary
General said that the industry’s past successes were a reminder that innovation
and new technologies were key to unlocking the abundant sources of oil and
energy in an ever more sound, secure and responsible manner.
In his own words: “In the coming years and decades, the industry can expect to
see additional new technologies shift perceptions and prospects once more. This
will be achieved through such developments as carbon capture and storage,
advancements in enhanced oil recovery and the development of new oil-based
materials for various industry sectors. It all points to the simple facts that
the industry’s future will require more research and development; it will need
more investment; and it will need more people.”
The OPEC Secretary General,
however, stressed the need for human capital development, noting that all the
innovation, technology and opportunities that are created in the industry
depend to a great extent on the availability of talented and skilled people.
While lamenting the
challenges of drop in oil prices in the last 16 months, he said: “At OPEC, we are hopeful that the industry will see a more
balanced oil market in 2016. But we should keep in mind the fundamental
importance of ensuring that the people in our industry continually push for
innovation and the development of new technologies, that can help discover,
extract, produce and supply more hydrocarbons in an ever more cost effective
and sustainable manner.”
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