Increased energy demand would require some 30 million b/d of additional oil production capacity to come onstream by the year 2020. The following decade, at least another 25 million b/d of oil production capacity would have to be commissioned to offset declining output as well as meet rising demand, based on my estimates.
Our industry is faced with great challenges. There are uncertainties over future demand levels and the industry needs to guarantee energy supply at levels that match demand..
Lastly the need for technological advances will be a major driver for the industry here on out. This is the end of easy technology, the end of easy oil. This is the period of greatest turmoil … We need to recover more oil and gas and leave less footprint on the environment.