According to a recent report by Rystad Energy, the global consumption of oil and gas is projected to reach a staggering figure of 100 million barrels per day (MBPD) by the year 2024. A significant driver behind this growing energy demand is expected to be the profound exploration of deepwater reserves. However, several critical factors and specifics surrounding this exploration still remain to be discussed and deciphered.
1. The global oil and gas consumption is expected to reach 100 million barrels per day by 2024, according to a report by Rystad Energy.
2. The profound exploration of deepwater reserves is anticipated to be a significant driver for this growing energy demand.
3. Critical factors and specifics about deepwater exploration remain to be discussed and deciphered.
4. Deepwater exploration involves drilling activities conducted above 1500 meters deep in the ocean, leading to complex logistical and technological issues.
5. Deepwater exploration increases the potential for discoveries of extensive untapped reservoirs and is pushing the boundaries of science and technology; this supports Rystad Energy's projection of an upswing in this sector.
In 2020, over 65% of global oil consumption was attributed to transportation, industry, and residential sectors, according to the U.S. Energy Information Administration.
A significant portion of this drastic surge in oil and gas consumption is expected to be driven by deepwater exploration. This type of exploration refers to drilling activities executed in unprecedented ocean depths, often surpassing 1500 meters, bringing about complex logistical and technological challenges. Surpassing conventional drilling practices, deepwater exploration is pushing the boundaries of modern science and technology, consequently, increasing the potential for significant discoveries of vast untapped reservoirs. Rystad Energy's projection indicates a likely upswing in this niche sector within the energy industry, reflecting the ongoing global demand for fossil fuels.