Petroleum - Its present and future

R. Sengupta, S.Z. Qasim

Abstract



World's "published proved" reserve of oil by the end of 1984 was known to be of the order of 95,000 million tonnes. Of this, 57% lies buried in the middle eastern countries. At the present rate of growth in consumption and production of oil the existing reserves can be expected to last at least up to 2019 AD. In recent years, however, both production and consumption of oil indicate a negative growth rate. New resources are being discovered both onshore and offshore. Mostly the latter are adding to the reserve pool of the oil almost every year. With the present trend of development and better management of the available resources, the oil reserves are expected to last well into the next century. The present ratio between production and consumption of oil in India is about 1:1.3. Analysing the present trend of increase in production and consumption, it has been estimated that India can become self-sufficient in oil within the next few years. The existing onshore and offshore reserves in the country will at least last for the next 25 years. New discoveries, added to the attainment of self sufficiency, reduction in production as well as in consumption and efforts to supplement the fossil fuels by non-conventional and renewable sources of energy will optimistically take as well within the twentyfirst century

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