Energy glut to remain through 2050 says BP

millededge · Nov 5, 2015

http://www.resourceinvestor.com/2015/11/02/energy-glut-remain-through-2050-says-bp

The world is no longer at risk of running out of oil or gas for decades ahead with existing technology capable of unlocking so much that global reserves would almost double by 2050 despite booming consumption, oil major BP said on Monday.

When taking into account all accessible forms of energy including nuclear, wind and solar, there are enough resources to meet 20 times what the world will need over that period, David Eyton, BP Group Head of Technology said.

"Energy resources are plentiful. Concerns over running out of oil and gas have disappeared," Eyton said at the launch of BP's inaugural Technology Outlook.
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so much for peak oil...:|

millededge · Nov 5, 2015

"A price on carbon would advantage certain resources," Eyton said.

Governments are expected to agree on a framework to limit global warming by limiting carbon emissions at the United Nation's climate summit in Paris starting this month. European oil companies have urged policy makers to introduce a global price on carbon that will favor the use of less dirty natural gas at the expense of coal.

"Ultimately, national and international policies will determine how much of and which resources will be produced."

"We envisage increasing competition between energy resources," he said. "This will likely result in increased competition in the energy market and disruption for the incumbent."

In North America, a price of $40 per tonne of carbon would make gas turbine power plants more cost-effective than coal, BP said.

However, an $80 per tonne price on carbon would make onshore wind technology competitive with gas-fired power and would also make carbon capture and sequestration with gas-fired power economic.
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So, we may get an idea of which way the windsock points 30 Nov - 11 Dec.

Logically, perhaps gas would be advantaged first, given the lower price on carbon.

Naphthalene Man · Nov 5, 2015

Is all about cost. If you are prepared to pay for it they can squeeze more out of the rock

TheEnd · Nov 6, 2015

I think its great news!

At least we dont have to worry about peak oil anymore.

Lets hope they start pushing LNG and LPG as clean fuels for the environment.

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Energy glut to remain through 2050 says BP

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Energy glut to remain through 2050 says BP

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