THE world’s oil and gas reserves may be around two thirds bigger than previously thought, leaving almost twice as much as will be needed to meet demand for the next 35 years, BP has said. The oil and gas giant said applying today’s best technologies to discover oil and gas could significantly increase ‘proved reserves’ from 2.9 trillion barrels of oil equivalent to 4.8 trillion barrels. Some 2.5 trillion barrels will be required to meet projected cumulative global demand through to 2050. In a review of recent technological developments, BP predicted wind and solar power will become more cost competitive as more generating facilities are installed. BP said liquid fuels will continue to dominate global transportation through to 2035 and beyond, largely due to their high energy density. The average efficiency of new light-duty vehicles is expected to improve by two to three per cent annually. BP’s chief executive Bob Dudley said: “Technology opens up a whole range of possibilities across the energy sector.”
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