THE SUNDAY TELEGRAPH
At the World Economic Forum meeting in Davos in January there was standing room only at the session on the future of oil. Peter Voser, the chief executive of Royal Dutch Shell, sat alongside the head of the Saudi oil giant Aramco, Khalid al Falih, and the chairman of Total, Thierry Desmarest. In the middle was Tony Hayward, the chief executive of BP. The session was so popular, Davos staff had to turn people away at the door.
By Kamal Ahmed
Published: 9:02PM BST 01 May 2010
Mr Hayward spoke about the pressures the industry was under as it struggled to keep up with ever rising demand from the emerging economies. Such was the “supply challenge” companies would have to explore more and more difficult environments from which to gain oil – the lifeblood of markets around the world. A 40pc increase in demand would create the need for 15m barrels per day (bpd) increased production over the next two decades.