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The role of technology in shaping the future of the E&P industry

president, WesternGeco

The first 20% of the full text of this article appears below.

The theme of this year's conference, "Geophysics—an international language," is both fitting and timely. Fitting because in order to meet the world's ever-increasing demand for energy, the E&P world is reaching across all national boundaries, using the international language of science, coupled with an international responsibility to the environment. In terms of the earth, we are both scientist and steward—and we are equally committed to both roles.

Boutte

Timely in that the language of geophysics—once spoken only by a very small group—has today been adopted by the entire E&P sector which is beginning to transition its use from exploration to a reservoir development tool.

In reality, there are few technologies that have been as present through the life of the reservoir as seismic. In some respects, geophysics is becoming the alpha and the omega of the reservoir.

This morning I will discuss the role that technology can play in shaping the future of the upstream exploration and production industry. I'll review some basic supply and demand trends, and suggest some of the ways that we as service providers can help shape the future.

Let me first say, however, that history has not been kind to those who have dared to predict the future. In 1981, a U.S. government study predicted that the world would ultimately produce 1.7 trillion barrels of oil—only to suggest 15 years later that the actual amount would be closer to 3.3 trillion barrels, or almost double.

	Hydrocarbon supply and demand

 
Let's begin with a broad projection of what will likely happen to supply and demand with our mostly utilized source of energy—oil.

The International Energy Agency (IEA) forecasts that world energy demand will increase by 1.7% annually until at least 2030, with approximately 90% of this demand being satisfied by traditional fuels. This is not coincidental, as the growth rate . . . [Full Text of this Article]