Oil major BP said the world is no longer at risk of running out of oil and gas for decades ahead of existing technology capable of unlocking global reserves.
In its latest technology report the company said energy reserves could be set to double by 2050 despite the high level of consumption currently.
The company said when all accessible forms of energy – including nuclear, wind and solar – are taken into account, there is enough resources to meet 20 times what the world will need over that period.
David Eyton, BP Group head of technology, said: “We are probably nearing the point where potential from additional recovery from discovered reservoir exceeds the potential for exploration.
“Ultimately, national and international policies will determine how much of and which resources will be produced.
“We envisage increasing competition between energy resources.
“This will likely result in increased competition in the energy market and disruption for the incumbent.”
BP said by applying new technologies the global proved fossil fuel resources could increase from 2.9 trillion barrels of oil equivalent (boe) to 4.8 trillion boe by 2050, and nearly double the
projected 2.5 trillion boe required to meet global demand until 2050.
With new exploration and technology, the resources could leap to a staggering 7.5 trillion boe, Eyton said.
The world is however expected to reduce its reliance on fossil fuels in favour of cleaner sources of energy as governments introduce policies limiting carbon emissions in order to combat
“A price on carbon would advantage certain resources,” Eyton said.
Governments are expected to agree on a framework to limit global warming by limiting carbon emissions at the United Nation’s climate summit in Paris starting this month.
European oil companies have urged policy makers to introduce a global price on carbon that will favour the use of less dirty natural gas at the expense of coal.
BP, the largest operator of solar and wind power among its peers, will see its investment portfolio evolve over time in line with government policies, Eyton said.