PROBLEMATIC The current world oil consumption is 87,915 kBbl/day. The world total proven oil reserves is 1,478,974 million barrels. The current daily production rate is 83,241 kBbl/day (That means we consume more than we produce oops!). For the last 5 years (2005 to 2010), the world consumption has increased by 25%. Someone will ask me what about the reserves? of course, the past 5 years, the reserves have increased by 29% but only 30% is recoverable by current methods and 55% by heavy high tech engineering methods. When is the end of oil as the primary source of energy By Eric ADANGBA, Hult Energy Club
The End of Oil as Primary Source of Energy
May 24, 2015
Growing consumption of oil raise questions of availability and sustainibility.
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PROBLEMATIC
The current world oil consumption is 87,915 kBbl/day. The world total proven oil reserves is 1,478,974 million barrels.
The current daily production rate is 83,241 kBbl/day (That means we consume more than we produce oops!).
For the last 5 years (2005 to 2010), the world consumption has increased by 25%.
Someone will ask me what about the reserves? of course, the past 5 years, the reserves have increased by 29% but only 30% is recoverable by current methods and 55% by heavy
high tech engineering methods.
When is the end of oil as the primary source of energy
By Eric ADANGBA, Hult Energy Club
INTRODUCTION
Energy and persistence conquer all things. Benjamin Franklin (January 17, 1706 [O.S. January 6, 1705[1]] – April 17, 1790) was one of the Founding Fathers of the United States.
By Eric ADANGBA, Hult Energy Club
OPERATION OVERVIEW
By Eric ADANGBA, Hult Energy Club
OPERATION OVERVIEW TODAY
By Eric ADANGBA, Hult Energy Club
TOP 10 PRODUCER IN THE WORLD
• Russia 10450 • Saudi Arabia 9761 • USA 7805 • Iran 4259 • China 4103 • Canada 3367 • Mexico 2953 • United 2848 • Venezuela 2438 • Nigeria 2436
2010
(KBbl/Day)
By Eric ADANGBA, Hult Energy Club
WORLD’S PRODUCTION
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
1995 2000 2005 2008 2009 2010
Tho
usa
nd
of
bar
ril/
Day
Year
World's Production of Oil 2010 =82000 K Barrel/Day
By Eric ADANGBA, Hult Energy Club
TOP 10 RESERVE IN THE WORLD
• Saudi 262602 • Venezuela 211170 • Canada 175214 • Iran 137010 • Iraq 115000 • Kuwait 104000 • USA 97800 • Russia 60000 • Libya 46420 • Nigeria 37200
(Mbl) Top 10 Producer (Kbl/Day)
WATCH WHAT HAPPENNING TO THE OUTSIDERS
By Eric ADANGBA, Hult Energy Club
• Russia 10450 • Saudi Arabia 9761 • USA 7805 • Iran 4259 • China 4103 • Canada 3367 • Mexico 2953 • United 2848 • Venezuela 2438 • Nigeria 2436
By Eric ADANGBA, Hult Energy Club
84%
16%
World's Oil Reserve 2011
Top 10
Rest of the World
WORLD’S RESERVE
TOP 10 OIL CONSUMPTION
• United 19 528 • China 9 377 • Japan 4 422 • India 3 338 • Russia 3 041 • Brazil 2 724 • Saudi Arabia 2 664 • Germany 2 483 • South Korea 2 249 • Canada 2 234
59%
41%
World's Oil Consumption 2010
Top 10
Rest of the World
WATCH THEIR FUTURE ACTION (BRIC)
By Eric ADANGBA, Hult Energy Club
LEVEL OF DEPENDANCE
• Russia • Saudi Arabia • USA • Iran • China • Canada • Mexico • UAE • Venezuela • Nigeria
• Saudi • Venezuela • Canada • Iran • Iraq • Kuwait • USA • Russia • Libya • Nigeria
• United • China • Japan • India • Russia • Brazil • Saudi Arabia • Germany • South Korea • Canada
Top 10 Producer Top 10 Reserve Top 10 Consumer
IN TROUBLE: CHINA, JAPAN, INDIA, BRAZIL, SOUTH KOREA, GERMANY By Eric ADANGBA, Hult Energy Club
HOW LONG CAN WE SURVIVE?
Dependence from OIL&GAS Years to survive • USA 62% 10
• CHINA 22% 14
• JAPAN 63% 7
• INDIA 31% 18
• BRAZIL 58% 16
• GERMANY 56% 9
• SOUTH KOREA59% NA
• WORLD 45
By Eric ADANGBA, Hult Energy Club
OIL FUTURE
We produce only 2.2% of the Daily Reserve and consume 100% of our production
46
44 43
44 45 45
20
25
30
35
40
45
50
-350000
-300000
-250000
-200000
-150000
-100000
-50000
0
50000
100000
150000
1995 2000 2005 2008 2009 2010 2011
bar
ril/
Day
Year
Future World's Oil
New Discovery
Years to survive
The Discovery Rate is about 5% increase average YoY.
OIL FUTURE IS UNCERTAIN, NOT PREDICTABLE
Production
By Eric ADANGBA, Hult Energy Club
WHEN OIL ENERGY WILL DIE?
Mideast/N.Africa oilfields 6 28 Arctic oilfields 32 100
Other conventional oilfields 6 39 Heavy oil/bitumen 32 68
CO2 enhanced oil recovery 30 80 Oil shales 52 113
Deep/ultra-deep-water oilfields 32 65 Gas to liquids 38 113
Enhanced oil recovery 32 82 Coal to liquids 60 113
Oil fie lds Estim ated Production Costs ($ 2008)
COST OF DOING OIL BUSINESS IS LESS THAN THE OIL PRICE
By Eric ADANGBA, Hult Energy Club
COMPARISION WITH SUBSTITUTES
By Eric ADANGBA, Hult Energy Club
WHAT IS THE NEXT SOURCE OF ENERGY
• HYDRO
• NUCLEAR
• COAL
• WIND
• GAS
• SOLAR
Need HULT MBA to crack it!
By Eric ADANGBA, Hult Energy Club
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