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NEWS FROM IHS CERAweek: BP CEO focuses on U.S., Russia’s role in meeting energy demand

BY NELL LUKOSAVICH, Senior Editor

HOUSTON -- In Wednesday morning’s keynote address at the 2013 IHS CERAWeek, BP BEO Bob Dudley discussed the challenges facing today’s energy industry—including the newest statistics for increasing demand worldwide—as well as the role that he expects the U.S. and Russia to play in increasing oil production over the coming years.

“With the global picture, there’s quite a contrast between demand and supply. For many years it’s been clear demand is rising – and that trend has stayed consistent – but there has been a lot of change in where the supply is coming from,” Dudley said.

He continued on to explain how the increase in oil demand (16 MMbopd more in 2030 than today) will exceed the current production of Canada, Russia and the UAE. New production sources, however, are arising each decade, including ultra-deep waters, the Arctic and even places like North Dakota, which “was hardly on anyone’s radar screen a few years ago” and has seen production go from 100,000 bopd in 2006 to over 750,000 bopd last December.

The development of new technologies as well as maintaining and increasing a knowledgeable workforce will also contribute to meeting energy demands.

In Russia, the world’s largest oil and gas producer, enhanced recovery techniques and E&P activity in Eastern Siberia and the Yamal Peninsula will drive increasing production. While the company’s investment in TNK-BP has led to a 50% increase in proved reserves, Dudley noted that Russian national Rosneft is acquiring TNK-BP and BP will take a 20% stake in Rosneft due to the fact that “the joint venture was ultimately unsustainable.” After the integration, Rosneft will become Russia’s largest oil producer, which Dudley believes will ultimately create an even stronger force in “developing Russia’s potential: skills, technology, risk management and a drive for efficiency.”

“What Russia and the U.S. have in common is that each will require investment on epic scale, undertaken by energy partners who are not daunted by the obstacles and have the resources, experience, capability and appetite for the task,” said Dudley.

 

03/06/2013

 

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