The General Manager, Deep Water Operations, ExxonMobil, Mr. Oladotun Isiaka has an estimated 1.7 billion people around the world have no access to electricity.
During the launch of the ExxonMobil’s ‘2015 Energy Outlook Series’, in Abuja, Isiaka also revealed that countries outside the Organisation for Economic Cooperation and Development (OECD), including China, India, and Nigeria, would lead global demand for energy in the next 25 years.
He said “When the standard of living increases, the demand for energy will also increase.
“The franking technology now avails us the opportunity to know it is there. Based on this and the amount of energy we use as at today and what we are projecting, what we use over 25 to 40 years, this tells us that we have 100 years of oil to support energy needs.
“Countries outside the Organisation for Economic Cooperation and Development (OECD), including China, India, and Nigeria, would lead global demand for energy in the next 25 years.”
“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.”
On the world’s Oil reserve, he said “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 six trillion barrels.
“It is not that the oil just got deposited there. It has been there for millions of years, but it is the advancement in technology that 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.”