Oil will remain in demand for next 100 years, says ExxonMobil

Statistics presented by oil giant, ExxonMobil, yesterday
indicated that oil will still sustain the global energy need
for 100 years.

Its General Manager, Deep Water Operations, Oladotun
Isiaka, broke the news in his presentation on ‘2015
Energy Outlook series’ in Abuja.
He said: “The franking technology now avails us the
opportunity to know it is there. Based on this and the
amount of energy we use as at today and what we are
projecting, what we use over 25 to 40 years, this tells us
that we have 100 years of oil to support energy needs.”
According to him, countries outside the Organisation for
Economic Cooperation and Development (OECD),
including China, India, and Nigeria, would lead global
demand for energy in the next 25 years.
ExxonMobil said supply glut in the oil sector would
continue into the foreseeable future as supply outstrips
demand in many countries.

Despite data showing that global reserves have risen to
six trillion barrels, ExxonMobil said this would last for only
a hundred years based on today’s energy consumption
and projected future demands.
He noted that population increase, improved standard of
living and growth in the middle class, especially in India,
China and other key growth areas of the world, will
continue to drive energy demands.

Isiaka noted that “energy demand trends from 2010 to
2040 are expected to vary significantly around the world,
as countries move along very different trajectories in
terms of key demand drivers including population,
demographics, economic growth and income levels.”
He pointed out however that most of the growth in
energy demand would come from countries outside the
OECD.

On the world’s oil reserve, he said: “In 1981, it was
estimated to be below 2 trillion barrels, then slightly
above 2 trillion barrels by 1990, and as of 2013, it was
estimated to be six trillion barrels.
“It is not that the oil just got deposited there. It has been
there for millions of years, but it is the advancement in
technology that has now availed us the opportunity to
know it is there and to be able to bring it to the tank.

“Ultimately, what you want is for the oil to go to the tank.
And if you do not have the capacity to bring to the tank,
then it is going to stay there forever.
“So, based on this, if you convert this into the amount of
energy that we use as of today and what we are
projecting to be used in the next 25 years, this tells us
that we have a hundred years of oil to support energy use
in the future.”