IP president outlines energy challenges

Predicting the availability of oil and natural gas for 20 years is "fraught with difficulties," leaving the worldwide oil and natural gas industry with huge challenges, said Pierre Jungels, president of the London-based Institute of Petroleum.He spoke during an opening address of an IP Week conference in London entitled, "Fueling the World Economy: Future Risks and Opportunities." Data on production and demand are subject to considerable uncertainty, he noted."Recent analysis by ExxonMobil (Corp.), for instance, indicates that over the next 10 years oil and gas demand will increase by around 2%/year whilst present fields in production will deplete at an average of 3–5%/year."The con...

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