Total sees 95 million boe/d global production plateau by 2025-30

Total SA’s projections call for a plateauing of global crude oil production at 95 million boe/d by 2025-30, according to Michael Borrell, Total senior vice-president, Continental Europe-Central Asia. While speaking at the KazEnergy Eurasian Forum, Borrell also noted that fossil fuels would retain their lead as the world’s primary energy source in 2030, comprising roughly 75% of the total energy market, with natural gas passing coal to become the second largest single energy source behind oil.

Renewables also will grow, Borrell said, filling the gap left by nuclear in the wake of the accident at Japan’s Fukashima reactor.

Borrel cautioned that developing the oil resources necessary to meet demand will become increasingly capital intensive and locally contentious, as exploration reaches into ever-newer territories. He also noted that current rates of reserves replacement will not be able to keep pace with demand and listed improvements in seismic imaging and optimization of both reservoir management and enhanced oil recovery as key steps if the 95 million boe/d plateau is to be reached and maintained.

Current global oil production is roughly 83 million b/d according to the 2012 BP Statistical Review of World Energy.

Contact Christopher E. Smith at chriss@ogjonline.com.

Related Articles

Baker Hughes: US drilling rig count drops to 1,803

03/21/2014 After consecutive weeks of significant gains, the US drilling rig count lost 6 units to 1,803 rigs working during the week ended Mar. 21, Baker Hug...

Cenovus gets AER approval for Grand Rapids oil sands project

03/21/2014 Cenovus Energy Inc. reported that it has received approval from the Alberta Energy Regulator (AER) for its wholly owned Grand Rapids thermal oil sa...

Shell lets contracts for Majnoon development

03/18/2014 Shell Iraq Petroleum Development BV has let engineering and procurement services contracts to Foster Wheeler Kentz Energy Services DMCC, Dubai, for...

Ivanhoe halts Tamarack oil sands project citing lack of regulatory ‘clarity’

03/18/2014 Ivanhoe Energy Inc. has suspended activity on its Tamarack oil sands project pending approval for its thermal oil sands application from the govern...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected