Industry & Economy
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Petroleum
`Investment in technology vital to tap oil, gas reserves'
G. Chandrashekhar
Mumbai
,
Sept. 23
EVEN as oil and gas are likely to continue to dominate the world's energy supplies for several decades, meeting the rapidly rising demand will call for major investment in modern technologies to tap the reserves in the ground.
Accelerated technological development is going to be the key to supplying the required quantities at prices that do not impair worldwide economic growth, while ensuring diversity of supply origins, according to the publication "Resources to Reserves - Oil and Gas Technologies for Energy Markets in Future".
Reviewing the recent and anticipated future technological developments in oil and gas production and their impact on the future supplies of hydrocarbons, the book released by the chief executive of International Energy Agency (IEA) asserts that by applying more advanced technologies even a 5 per cent increase in worldwide recovery would bring more oil than Saudi Arabia's reserves.
The IEA has projected that without new energy policies, oil demand will grow by more than 50 per cent between 2002 and 2030 and that gas demand will also double with most of the easy, low cost hydrocarbons being located in West Asia.
Taking into account the expected technical progress, the book concludes that most of the world's vast hydrocarbon resources can be turned into proven reserves in the future at oil prices significantly below current levels.
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