Oil industry needs to harness new tech to meet growing demand in Asia: BP CEO

Singapore

WHILE energy demand is slowing due to improving energy efficiency, it will still grow by 30 per cent over the next two decades, with almost all of that coming from emerging economies, especially Asia.

This means that the oil and gas industry needs to produce hydrocarbons that are cleaner and at lower cost, and by harnessing the current wave of technological advances to do so, said BP chief executive Bob Dudley.

BP, in a report released two weeks ago, estimates that global GDP will double over the next two decades, but energy demand will increase by only 30 per cent, thanks to a rebalancing of China's economy and more attention paid to improving energy efficiency. Mr Dudley noted in a speech at a company event on We…