The age of “cheap” oil is coming to an end, according to a DNV technology outlook 2020 report presented at Offshore Europe.
With a forecast increase in global energy demand of 19% by 2020, DNV says the sector will have to push the boundaries to satisfy this need.
In the last 25 years, only one barrel of oil has been discovered for every four barrels consumed.
Elisabeth Harstad, managing director of DNV Research and Innovation, said today: “Technology is a vital part of the solution for many of the global and industry challenges facing us today. Oil and gas, as well as coal, will continue to dominate the global energy mix over the next decade, but the age of cheap oil is coming to an end. Technologies in the exploration and production sector are to focus on increasing efficiency to capitalise on remaining reserves. Improving environmental footprint will also be crucial.”