Proved extractable reserves of oil in the world today total 1.1trn bbl. They all can be extracted in 42 years at the current amounts of production, reportedly said Mark Henstridge, head of macroeconomics, BP.
Mr Henstridge said it does not mean that after 42 years oil reserves will get depleted as there is a big amount of undiscovered and half-extracted resources, he added.
Further Mr Henstridge said Azerbaijan played a big role in common energy security. In particular, this concerns Azeri-Chirag-Guneshli fields and Baku-Tbilisi-Ceyhan pipeline.
In the future oil production in Azerbaijan will make 1% from the global extraction (compared to the current 0.6%). However, this 1 percent will be quite significant in a view of satisfying growing consumption around the globe.