IEA underscores technology’s contribution to future oil supply

The oil and gas industry faces “very considerable demands” on its “human, financial, and intellectual capabilities” as it converts hydrocarbon resources into the fuels the world needs in growing amounts, says the International Energy Agency, Paris.In a new report, Resources to Reserves, IEA traces the challenges of providing the 1.5 trillion boe of oil and natural gas projected to be required worldwide over the next 25 years-an amount about equal to cumulative production over the last century.Dismissing the “peak oil” notion that conventional oil is entering a period of inevitable decline, IEA Executive Director Claude Mandil asserted that “techno...

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