BP Forecasts 41 Years of World Oil Supply

BP says world oil reserve to sustain 41 years of production at current rates.

Published: 29-Jun-2004

    BEIJING, June 29 (Xinhuanet) -- The total world proven oil reserves are 1.15 trillion barrels, some ten percent higher than those in 1980, which can sustain the world oil production for 41 years at current rates, said a statistical review from the world petrochemical giant BP that was launched here Tuesday.

    The review, called the BP Statistical Review of World Energy, also said that the current global proven natural gas reserves of 176 trillion cubic meters have more than doubled since 1980 as a result of exploration, new technology and the commercialization of gas reserves through liquefied natural gas and other technologies.

    The review, which aims to be one important part of the recording, year by year, of the production and consumption of all the main forms of energy on a global basis, also noted that, despite the high prices in the oil and gas markets for 20 years, the energy shortage has not become a global issue, and as a matter of fact, the exploration success and application of technology innovation has led to current reserves that are 70 percent higher than those in 1980.

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