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Technology critical to future energy supply, executive says

09/27/2010
By Paula Dittrick
Industry must continue to find and produce oil and natural gas from increasingly complex geological settings in remote regions and deeper waters, said Schlumberger Ltd. Chairman and Chief Executive Officer Andrew Gould.Speaking on Sept. 15 at Barclays Capital Energy-Power Conference in New York, Gould said an estimated $350 billion/year is needed in upstream investments for 20 years to meet projected world energy demand."With the 'age of easy oil' over, and the consequent higher costs of new supply, the challenges of matching supply and demand are not likely to decrease," Gould said. The International Energy Agency forecasts world energy demand will grow by 40% by 2030, and that...
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