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Where will it all come from?
Page 29
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IT IS SALUTARY to be reminded that the sources of half the oil to be used by the world only 20 years from now are not yet known. Supplies from OPEC are expected to be reduced so the rest of the world will have to produce more, says a report quoted in the lush Esso Magazine.
European oil output, almost all from the North Sea, is estimated to run at the rate of some 170m tonnes a year from the early Eighties until the Nineties, compared with 115 tonnes in 1979. This superficially impressive scale of growth will fall far short of the increase in world energy demands, which are expected to be 65 per cent greater 20 years hence than now. Most of the extra needs must be met from sources other than conventional oil.
That means heavy investment by industry. How readily it will be forthcoming will depend partially on the restraint that governments impose on their avaricious instincts.