Report: BP Says The World Has 53.3 Years Of Oil Left, Or Does It? Photo:

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Trevor Collett | Jul, 05 2014 | 12 Comments

Oil giant BP has painted a grim picture for the future, claiming we have 53.3 years until the world runs dry of the precious liquid.

According to USA Today, BP’s yearly review of energy statistics estimates 1.69 trillion barrels of oil remain to be extracted from the earth, and we’ll barely break the half-century based on current production rates.

Despite the grim timeline, this estimate is actually 1.1 percent higher than the same annual report from 2013, and outside factors indicate BP’s future predictions may be highly inaccurate.

The oil giant itself has revised its estimates for oil remaining in the US upward to 44.2 billion barrels; a whopping 26 percent higher than previously thought.

And even this figure could be off the mark, with modern horizontal drilling technology opening up new reserves and allowing for future discoveries that would have been previously unattainable.

Other companies are even more optimistic, with Pioneer Natural Resources estimating 75 billion barrels of oil and gas can be recovered from the Permian Basin in Texas; up from an estimate of 50 billion barrels last year.

The effects on remaining supplies from simple improvements in the automotive industry – such as stop/start technology and small turbocharged engines – are likely to increase as the world continues to head towards an alternatively-fueled future.

Development of electric and hydrogen-powered cars will also accelerate in years to come, and the globe will continue to ‘make’ oil during the next 53.3 years while humans extract existing stocks.

In the meantime, growing economies such as China and India will continue to demand more oil as they progress, so any new oil ‘plays’ will be most welcome.

MORE: Oil news, BP news

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