Technology could boost oil: BP

Technology can be used to increase the world’s proven oil and gas reserves by two thirds, almost double the amount needed to meet demand through 2050, keeping energy supplies plentiful and affordable, according to BP.

The amount of oil and gas recoverable from known reservoirs could rise to 4.8tn barrels of oil equivalent through the application of existing technologies, compared with proved reserves of 2.9tn currently, said David Eyton, the group head of technology at BP.

Energy consumption will rise by 40% by 2035 and about 2.5tn barrels equivalent will be needed to meet global demand to 2050, he said.