Book contents
- Frontmatter
- Contents
- Figures and Tables
- Abbreviations and Acronyms
- Foreword
- INTRODUCTION
- Section 1 TECHNOLOGICAL DEVELOPMENT AND THE GLOBAL ENERGY INDUSTRY
- 1 Changes in Global Energy Supply and Demand
- 2 Impact of Evolving Energy Technologies on Future World Oil Production
- 3 The Impact of Technological Innovation on the Oil and Gas Industry
- 4 Public Policy and Investment Trends in Energy Technologies
- Section 2 CHALLENGES AND OPPORTUNITIES IN ENERGY-INTENSIVE SECTORS
- Section 3 TECHNOLOGICAL PROSPECTS FOR NUCLEAR AND RENEWABLE ENERGIES
- Section 4 GREEN CONSTRUCTION AND SUSTAINABLE CITIES
- Contributors
- Notes
- Bibliography
- Index
2 - Impact of Evolving Energy Technologies on Future World Oil Production
from Section 1 - TECHNOLOGICAL DEVELOPMENT AND THE GLOBAL ENERGY INDUSTRY
Published online by Cambridge University Press: 05 September 2014
- Frontmatter
- Contents
- Figures and Tables
- Abbreviations and Acronyms
- Foreword
- INTRODUCTION
- Section 1 TECHNOLOGICAL DEVELOPMENT AND THE GLOBAL ENERGY INDUSTRY
- 1 Changes in Global Energy Supply and Demand
- 2 Impact of Evolving Energy Technologies on Future World Oil Production
- 3 The Impact of Technological Innovation on the Oil and Gas Industry
- 4 Public Policy and Investment Trends in Energy Technologies
- Section 2 CHALLENGES AND OPPORTUNITIES IN ENERGY-INTENSIVE SECTORS
- Section 3 TECHNOLOGICAL PROSPECTS FOR NUCLEAR AND RENEWABLE ENERGIES
- Section 4 GREEN CONSTRUCTION AND SUSTAINABLE CITIES
- Contributors
- Notes
- Bibliography
- Index
Summary
Three factors have combined to result in a significant shift in the balance of production and reserves, leading in turn to significant economic and financial impacts throughout the economies of the world: (1) the evolution during the past decade of new technologies allowing oil production in areas previously considered unreachable and in reservoirs previously considered non-productive; (2) the peaking and declining of conventional low-cost oil production; and (3) a sustainable oil price rise.
These factors have led many to declare a new age in world oil, replacing the established order of the past 30 years, and perhaps leading to energy independence for the western hemisphere and a future drop in oil price to levels last seen a decade ago. A careful evaluation of all factors reveals a more complicated reality; the new sources of oil come at a cost – environmentally and financially – while the gap between the high oil price and the low cost of conventional production offers a financial windfall to those possessing conventional reserves, provided they can preserve their export share.
A study of trends from 2000 to the present day and projections to 2030 documents a drop in conventional non-renewable oil production from 86 to 55 percent during that time period.
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- Technology and the Future of Energy , pp. 47 - 68Publisher: Emirates Center for Strategic Studies and ResearchPrint publication year: 2013