Technology can be used to increase the world’s proved oil and gas reserves by two thirds — almost double the amount needed to meet demand through 2050 — keeping energy supplies plentiful and affordable, according to BP Plc.
The amount of oil and gas recoverable from known reservoirs could rise to 4.8 trillion barrels of oil equivalent through the application of existing technologies, compared with proved reserves of 2.9 trillion currently, said David Eyton, the group head of technology at BP. Energy consumption will rise by 40 percent by 2035 and about 2.5 trillion barrels equivalent will be needed to meet global demand through to 2050, he said.
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