"This estimate is lower than the industry's. BP's oil statistics -- the industry bible -- indicate some 1,047 billion barrels of proved reserves -- 36 years supply on current usage."
"The world holds enough proved reserves for 40 years of supply ... at current consumption rates" said BP this week.
Though using current consumption rates of course means you are expecting the Chinese in 2040 to still be riding bikes!
Love your selective work HG to suit your purpose -
I read that article too...
According to the same article from BP, nothing to worry about running out of oil since the oil reserves are being discovered at a faster pace than oil being consumed.
Moreover same researchers predicted in 1980 that they had 29 years owrth of oil reserves left ..!
You are bordering on being a liar in proving your point ... very deceitful ..!!
Harris
WASHINGTON, DC, June 21 -- BP PLC tried recently to quell renewed concerns by some industry observers that world oil reserves are running out sooner than expected.
"2003 was a turbulent year in the world's energy markets, with supply disruptions, strong growth in both demand and production of oil and coal, and the highest prices in the oil and gas markets for 20 years," said BP Chief Economist Peter Davies.
However, he said, "The high prices were not driven by fundamental resource shortages: In 2003, the world's reserves of oil and natural gas continued their long term trend of growing faster than production."
Davies's comments were part of presentations June 15 in New York City and June 16 in Washington, DC, that highlighted BP's 2003 statistical review.
"Despite those who say we are about to run out of oil and gas, the figures in the review confirm there is no shortage of reserves. Production in some provinces may have peaked, but this is no reason for current high prices," he said.
Over 40 years supply
The new data estimate total world oil reserves at 1.15 trillion bbl, about 10% higher than previously reported for 2002.
Additionally, global oil reserves have increased almost continuously over the past 30 years, BP officials said. World reserves now represent 41 years of production at current rates. By comparison, in 1980 reserves equivalent to only 29 years of production were known.
The world has now produced some 80% of the oil reserves that were known in 1980; yet exploration success and application of technology has led to current reserves that are 70% higher, BP said. The company has published its statistical review of world energy for 53 years.
Looking at natural gas, BP reported global reserves of 176 trillion cu m, 13% higher than those previously reported for 2002. The company said that gas reserves have more than doubled since 1980 as a result of exploration, new technology, and the "unstranding" of gas reserves through liquefied natural gas and other technologies.
BP Group Chief Executive John Browne emphasized that oil and gas are not being depleted at an accelerated rate. "The data [illustrate] the continued growth in reserve volumes across the world," Browne wrote in the review's introduction. "At current levels of consumption, there are sufficient reserves to meet oil demand for some 40 years and to meet natural gas demand for well over 60 years."
He added that there appears to be considerable scope for proved reserves and production to keep rising in Russia and elsewhere. "Reserves, globally, have grown over time, and it is clear that the issue of energy security, which has been so prominent over the last year, is driven not by a physical shortage of supply but by the challenges of ensuring, in a world where demand and supply are not colocated, that there will be sufficient traded oil and gas to meet rising demand."