Aramco Sees Oil For Decades To Come

11.14.07

The president of Saudi Aramco said there are enough conventional and non-conventional liquid energy resources available for petroleum to be a significant part of the global energy mix for decades to come.

"We have grossly underestimated mankind's ability to find new reserves of petroleum, as well as our capacity to raise recovery rates and tap fields once thought inaccessible to produce," he said, adding that non-conventional resources of liquid energy such as condensates, natural gas liquids, bitumen, coal-to-liquids and biofuels will also contribute to the global supply.

Taking into account both conventional and non-conventional resources, he said there are 13-16 trillion barrels of in-place liquids available worldwide. "To put those figures in perspective,” he concluded, “we have consumed only 1.1 trillion barrels of oil, or 7 to 9% of resources in places.”

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