Nigeria, others to drive 25-year global energy demand – Exxonmobil



28 November 2015, Lagos – Data presented by oil giant, ExxonMobil at the launch of its ‘2015 energy outlook series’ have indicated that global demand for energy in the next 25 years would be led by countries outside of the Organisation for Economic Cooperation and Development, OECD.

These countries include Nigeria; China and India. ExxonMobil said in the report that supply glut in the oil sector would continue into the foreseeable future as supply outstrips demand in many countries.

It explained that despite data showing that global reserves have risen to six trillion barrels which would last for only 100 years based on today’s energy consumptions and projected future demands, demands driven largely by population increase; improved standard of living and growth in the middle class especially in India, China and other key growth areas of the world would continue to rise.

Exxon’s General Manager, Deep Water Operations, Oladotun Isiaka said in a presentation in Abuja that: “Energy demand trends from 2010 to 2040 are expected to vary significantly around the world, as countries move along very different trajectories in terms of key demand drivers including population, demographics, economic growth and income levels.”

Isiaka who pointed out that most of the growth in energy demand would come from countries outside the OECD, said on the world’s oil reserve that: “In 1981 it was estimated to be below 2 trillion barrels, then slightly above 2 trillion barrels by 1990, and as of 2013 it was estimated to be 6 trillion barrels.

“The key thing that is causing the reserve to rise is, it is not that the oil just got deposited there, the oil has been there for millions of years, but it is that the advancement in technology has now availed us the opportunity to know it is there and to be able to bring it to the tank.” “Ultimately what you want is for the oil to go to the tank and if you do not have the capacity to bring to the tank then it is going to stay there forever. So, based on this, if we convert this into the amount of energy that we use as of today and what we are projecting to be used in the next 25 years, this tell us that we have a hundred years of oil to support energy use in the future.

“We are seeing now that supply is outstripping demand that is because of the additional oil sands mainly from Canada and the tight oil from North America. The data is the same for 2030 and 2040 and the key thing is on the world basis we see supply outstripping demand,” he said.

*Chineme Okafor – Thisday 

About the Author