Technology to boost energy supplies, pave way to lower-carbon future: report

Advances in technology will keep energy supplies plentiful and affordable and help pave the way to a lower-carbon energy mix, said a report by energy giant BP on Monday.

Technology could significantly increase proved reserves from 2.9 trillion barrels of oil equivalent to 4.8 trillion barrels, nearly double the 2.5 trillion barrels required to meet projected cumulative global demand through to 2050.

This could be achieved by simply applying today's best technologies to discover oil and gas resources, according to the Technology Outlook published by BP, one of the world's leading oil and gas companies.

"Technology opens up a whole range of possibilities across the energy sector," said Bob Dudley, BP Group chief executive. "It can bring great value to consumers and businesses, and it can also disrupt and challenge existing models."

BP's analysis predicted wind and solar will continue reducing costs at around 14 percent and 24 percent respectively per doubling in installed capacity, consistent with past performance, and hence become more competitive over time.

The report suggested that liquid fuels will continue to dominate global transportation through to 2035 and beyond. By 2050, electric vehicles could be approaching cost-parity with the internal combustion engine, due to advances in battery technology, while fuel cell vehicles could still have further to go.

The report also highlighted the growing influence that digital technologies are having on the energy industry.

"Digital technologies, such as advanced sensors, data analytics, robotics and automation, enabled by supercomputing, have the most widespread potential to drive change and make energy supply and consumption safer, more reliable, more efficient and more cost-effective," said David Eyton, BP Group head of technology. Endit