Global oil wealth to rise by 2trn barrels
New technology in the future could boost the world's proven oil resources by nearly two trillion barrels....
Although the current global oil reserves in place are estimated at 14 trillion barrels, only about 1.2 trillion can be recovered, said Khaled Al Buraik, executive director of the government-controlled Saudi Aramco.
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Speaking at a seminar in Riyadh, Buraik said the quantity of oil extracted so far worldwide does not exceed one trillion barrels.
"Advanced technology in hydrocarbon production could add around two trillion barrels to the existing proven crude reserves in the near future," he said in his address, published by Saudi newspapers on Monday."The real challenge for scientists and engineers is how to access to nearly 11.8 trillion barrels to meet the growing world needs of hydrocarbon in the future...what is needed now is more effort by scientists and specialists in this field to invent new methods and very advanced technology."
Buraik said such efforts are needed to cater for a rapid rise in global oil demand, expected at around 40 per cent in the next 20 years. He said the rise in demand would be a result of technological developments and increase in the global population to nine billion in 2030 and 11 billion in 2050.
Saudi Arabia controls nearly 265 billion barrels of proven oil, accounting for nearly 22 per cent of the world's total extractable crude wealth.
Other oil heavyweights include the UAE, with around 98 billion barrels, Kuwait, with 101 billion, Iraq with 115 billion and Iran with over 120 billion barrels.