Dr Pierce Riemer – Director General – World Petroleum Council

ARPEL Conference – Uruguay April 2015

WPC Overview

• Premier global forum for the oil and gas sector

• Established in 1933

• Promote the management of the world’s petroleum resources for the benefit of all

• 70 member countries

• Members >97% oil and gas production and consumption

• OPEC and Non-OPEC members

• IOCs & NOCs

• Non-advocacy, non-political

• United Nations accredited

• Secretariat based in London

• Triennial Congress and other activities

• Registered as a charity in the UK

• Not for profit

• Leaving a legacy

Member Countries

WPC International Cooperation• United Nations, UNFC, UNECE, Global Compact• International Energy Agency (IEA)• Organisation for Petroleum Exporting Countries (OPEC)• OPEC Fund for International Development (OFID)• International Standards Organisation (ISO)• International Gas Union (IGU)

• ARPEL• Associations and Institutions from WPC member countries• Society of Petroleum Engineers (SPE)• American Association of Petroleum Geologists (AAPG)• European Association of Geological Engineers (EAGE)• Oil and Gas Producers Association (OGP)• International Petroleum Industry Environmental Conservation

Association (IPIECA)• The World Coal Institute (WCI)• The World Energy Council• The World Bank/IMF• International Energy Forum

Many Challenges and Issues

Providing Energy Security in a

World with Increasing

Challenges and Uncertainties

The Major Challenge

United Nations Population ModelsBillions

low med high actual

Where?How?Who?Mix?

What’s your best guess?

Source: IEA/OPEC/IEF/EIA

Meta Analysis

Need large Investments in the next 20 years

IEA Outlook 2014

Geopolitics

Geopolitics

Geopolitics

Geopolitics

Geopolitics

Geopolitics

Geopolitics - Future Issues

Geopolitics – Oil and Gas in the Arctic

1999 2008

What the papers say

2009 2011

What the papers say

What the papers say

20152015

Oil Price and Supply 1970 - 2015

XX

OPEC

What’s the oil price?

XX

Oil Price and Supply 2008- 2015

Oil Price and Supply 2014- 2015

Lowest

ever, Libya

production

Highest

Libya

production

Ukraine

President

deposed

Putin/Crimea

ISIS

Northern

Iraq

ISIS Baiji

Refinery

Yemen

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

18,0

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Global Natural Gas Prices 1996 - 2014 ($/MBtu)

Japan cif (LNG) Germany (AGIP) UK (Heren NBP Index) US Henry Hub Canada (Alberta)

What’s the natural gas price?

At the Pumps

What do we get from oil?

What do we get from oil?

The world is not running out of oil and gas…

…it will run out of production capacity without

investment

….. The atmosphere will run out of greenhouse

gas capacity unless we do something

……and whatever we do has to be socially

acceptable

How do we continue in a responsible manner

Tool box to

mitigate climate

change

Zero Carbon CarriersHeat, Electricity, Hydrogen

Renewables NuclearCCS

Long TermHazardous Waste

Fuel the Youth

WPC Legacy

WPC Legacy

WPC Knowledge transfer

Educational Series:

Fuel for Life - reprint

Unconventional Gas - 2012

Petrochemicals and Refining - 2013

Unconventional Oil - 2013

Arctic Oil and Gas – June 2014

Water – May 2015

Oil Price - October 2015

Bio fuels - 2015-2017

>20,000 hits

www.wpcleadership.com

Conclusions

World population will increase

More people out of energy poverty

Energy Use will increase

We will need all forms of energy

Fossil fuels play a major role

Use Clean Technology

Major Growth Areas, India, China

Need Massive investment now in science and

technology

We need stability

We need young smart people

Thank you

for

Listening