The head of US oil giant ConocoPhillips has said that “vast new areas” will have to be opened up to meet a projected 40 per cent growth in demand for oil in just over two decades.
Chairman and chief executive James Mulva said: ‘By 2030 we would have to bring on line 105 million barrels a day of new production. To meet this challenge, vast new areas will need to be opened and explored.’
He told the two-day Asia Oil and Gas Conference that “New technology will be needed to access resources that are in more remote locations, or trapped in unconventional reservoirs.’
The scale of investment required is enormous, Mulva said, noting the IEA had estimated that US$ 20 trillion in cumulative energy investment would be needed to 2030.
Just imagine what you could do with that kind of money invested in clean energy..