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The petroleum industry--a look backward. and forward

Journal Article · · 41st Ann. SPE of AIME Mtg.; (United States)
DOI:https://doi.org/10.2118/1622-MS· OSTI ID:5916258
;
A long-range study of the petroleum industry, prepared in 1955, attempted to measure future petroleum requirements for 10 yr ahead, determine the pattern of supply, and estimate the capital requirements. Now, in 1966, it seems desirable to review this old report in the light of subsequent events. Petroleum demand should increase 2.5 to 3.5% each year in the U.S. and 5 to 10% in the Free World. A good estimate for the decade 1965-1975 might be 5% per annum for the Free World as a whole. This will total the huge amount of 45 million bpd by 1975, or 14 billion bbl per year. There were in 1955, and still are, ample proved hydrocarbon reserves in the world to supply these needs and the search goes on so aggresively that it is certain reserves will continue to increase each year for several decades ahead, despite the immense consumption of hydrocarbons. Technology will continue to develop new methods of recovery of known oil reserves remaining underground. Methods of exploiting reserves of oil at water depths greater than 2,000 ft offshore will be feasible by 1975.
Research Organization:
Union Securities and Co.
OSTI ID:
5916258
Report Number(s):
CONF-661077-
Journal Information:
41st Ann. SPE of AIME Mtg.; (United States), Journal Name: 41st Ann. SPE of AIME Mtg.; (United States) Vol. SPE1622
Country of Publication:
United States
Language:
English

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Related Subjects

02 PETROLEUM
020300* -- Petroleum-- Drilling & Production
04 OIL SHALES AND TAR SANDS
040402 -- Oil Shales & Tar Sands-- Surface Methods
BITUMINOUS MATERIALS
CARBONACEOUS MATERIALS
ENERGY SOURCES
FOSSIL FUELS
FUELS
INDUSTRY
MATERIALS
MATHEMATICS
MINERAL OILS
NORTH AMERICA
OIL SANDS
OIL SHALES
OILS
ORGANIC COMPOUNDS
OTHER ORGANIC COMPOUNDS
PETROLEUM
PETROLEUM INDUSTRY
PROCESSING
PRODUCTION
RECOVERY
SHALE OIL
STATISTICS
SUPPLY AND DEMAND
USA