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Opinion

ThoughtStream

Bob Dudley, BP CEO

Risk comes in many forms, but it has to be challenged,

For many years it’s been clear worth of proved oil reserves and colleagues from other companies demand is rising – and that trend 64 years’ worth of proved gas were murdered in the terrorist

F has stayed consistent – but there reserves in place – and more will be attack on the In Amenas gas plant in has been a lot of change in where found. Algeria.

the supply is coming from. So we are working in a world Our thoughts are very much with BP estimates that global energy with ever more diverse sources of the loved ones of those who died, demand is likely to grow by more supply – and diversity of course from BP, Statoil, JGC, and other than a third between now and 2030. increases energy security by organizations. And our sincere

According to the projections we avoiding over dependence on any gratitude goes to all who have make in our Energy Outlook 2030 one source. offered support and sympathy. In publication, emerging economies particular, I would like to thank the such as China and India are likely Algerian Energy Minister, Youcef

Thanks to to account for almost all that growth Yousf. His personal involvement – over 90% of it. during the crisis was outstanding new frontiers, Non-fossil energy – nuclear, and greatly valued.

our industry hydro, biofuels and other BP and Statoil staff, and the renewables – will grow faster as a contracting companies, are is now producing group than any fossil fuel. But they incredibly resilient and committed an enormous amount start from a very low base and people and we will go on. We will will only provide, on a combined never forget, but we will go on with of previously basis, about a ffth of all energy in our mission of providing energy to unreachable oil 2030. the world. We have spent over 100 Gas will be the fastest growing years producing energy in tough and gas.

fossil fuel at around 2% annually. surroundings and we will not be

It’s clean, cheap and increasingly deterred.

available. Oil will grow more However, this diversity comes at But the new opportunities slowly, at less than 1%/yr. But that a price. Many of the new supplies bring new challenges, and we still means the world will need are in places that are hard-to-get at: need constantly to develop our around 16 mm b/d more in 2030 shale oil and gas, tight oil and gas, technology, capability and risk than today. That increase alone is heavy oil, the deepwater – and, in management. nearly the combined daily 2011 due course, the Arctic Circle.

production of Russia, Canada, and And the physical and Bob Dudley has been BP’s group the United Arab Emirates. technological risks are not the only chief executive since 2010. He Thanks to new frontiers such ones. Other factors range from fscal previously served as CEO of TNK- as shale and the deepwater, our regimes and other policy-related BP from 2003-2008 and was named industry is now producing an issues, to geo-political tensions and a BP executive director in 2009. enormous amount of previously even the risk of terrorism. He has earned degrees in chemical unreachable oil and gas. At current We at BP were brutally reminded engineering from the University of consumption rates, the data of that fact a few weeks ago, Illinois, and an MBA from Southern suggests the world has 54 years’ when four of our employees and Methodist University.

OE | April 2013 oedigital.com 18 oe_thoughtstream.indd 18 4/1/13 3:46 AM