Global fossil fuel consumption will boom through 2050, and proven fossil reserves will still increase from 2.9 trillion to at least 4.8 trillion barrels of oil equivalent (boe), British Petroleum suggested Monday in its first-ever Technology Outlook.
“When taking into account all accessible forms of energy including nuclear, wind, and solar, there are enough resources to meet 20 times what the world will need over that period,” Reuters reports, citing BP Group Head of Technology David Eyton. Those numbers might imply less emphasis on new exploration that could boost fossil fuel reserves as high as 7.5 trillion boe.
“Oil and gas companies have invested heavily in squeezing the maximum from existing reservoirs by using chemicals, super computers, and robotics,” Bousso writes. “The halving of oil prices since last June has further dampened their appetite to explore for new resources, with more than $200 billion worth of megaprojects scrapped in recent months.”
With the UN climate summit just weeks away from convening in Paris, Eyton acknowledged that “a price on carbon would advantage certain resources,” adding that “ultimately, national and international policies will determine how much of and which resources will be produced.” He said the future will likely bring “increased competition in the energy market and disruption for the incumbent.”
