40 Years of Proven Oil Reserves: BP Global

Oil&Gas Materials 17 October 2008 16:48 (UTC +04:00)

Azerbaijan, Baku, 17 October / Trend corr. A.Badalova/ "At today's consumption rates, we believe we have around 40 years of proven oil reserves, 60 years of natural gas, and 130 years of coal," according to Andy Inglis, BP Global's Head of Exploration & Production, whose speech is available on the official website of the company.   

According to the US State Energy Information Administration, world oil demand will total 86.14mln bbl per day in 2008, while International Energy Agency says the figure will account for 86.5mln bbl.

According to BP, world proven oil reserves totalled 168.6bln tons by 1 January 2008, natural gas - 177.36trln cu m, coal - 847.48bln tons.

According to Inglis, despite recent falls, the oil price remains high and volatile by historical standards, as the chart shows.

"I contend that prices are not being driven by a lack of resource, because there is plenty of oil and gas around. In fact prices are being driven by a confluence of factors. The first of these is the recent period of exceptional worldwide economic growth," he said.

Price of November futures at the London Exchange fell by $4.48 to $66.32/bbl. Price of November futures for US WTI oil fell at the New York Exchange by $4.69 to $68.57/bbl.

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