Tips Nigeria, China, India, others to lead global energy demand
Statistics presented by oil giant, ExxonMobil, yesterday indicated that oil will still sustain the global energy need for 100 years.
Its General Manager, Deep Water Operations, Oladotun Isiaka, broke the news in his presentation on ‘2015 Energy Outlook series’ in Abuja.
He said: “The franking technology now avails us the opportunity to know it is there. Based on this and the amount of energy we use as at today and what we are projecting, what we use over 25 to 40 years, this tells us that we have 100 years of oil to support energy needs.”
According to him, countries outside the Organisation for Economic Cooperation and Development (OECD), including China, India, and Nigeria, would lead global demand for energy in the next 25 years.
Despite data showing that global reserves have risen to six trillion barrels, ExxonMobil said this would last for only a hundred years based on today’s energy consumption and projected future demands.
He noted that population increase, improved standard of living and growth in the middle class, especially in India, China and other key growth areas of the world, will continue to drive energy demands.
Isiaka noted that “energy demand trends from 2010 to 2040 are expected to vary significantly around the world, as countries move along very different trajectories in terms of key demand drivers including population, demographics, economic growth and income levels.”
He pointed out however that most of the growth in energy demand would come from countries outside the OECD.
On the world’s oil reserve, he said: “In 1981, it was estimated to be below 2 trillion barrels, then slightly above 2 trillion barrels by 1990, and as of 2013, it was estimated to be six trillion barrels.
“It is not that the oil just got deposited there. It has been there for millions of years, but it is the advancement in technology that has now availed us the opportunity to know it is there and to be able to bring it to the tank.
“Ultimately, what you want is for the oil to go to the tank. And if you do not have the capacity to bring to the tank, then it is going to stay there forever.
“So, based on this, if you convert this into the amount of energy that we use as of today and what we are projecting to be used in the next 25 years, this tells us that we have a hundred years of oil to support energy use in the future.”
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