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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Elroy Jetson who wrote (51216)1/26/2006 6:12:45 PM
From: shades  Read Replies (1) of 110194
 
DJ Oil Companies Will Invest Big In New Technology - BP Exec

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By Karen Matusic
Of DOW JONES NEWSWIRES


WASHINGTON (Dow Jones)--Meeting rising global oil demand for a growing population will require big investments in new technology over the next couple decades, but companies will come up with the money because it makes good business sense, a senior BP PLC (BP) executive said Thursday.

BP America President Ross Pillari told a conference sponsored by the National Council for Science and the Environment that oil companies have to invest in alternative energy solutions that go beyond traditional hydrocarbons, as well as bolster oil and gas production.

Pillari said such breakthroughs are needed to meet the demand of "200 million new customers for commercial energy every year."

"We can and must do more through the use of new innovative technology," Pillari said. "We have to be good at managing technology to stay in the game."

Pillari pointed to BP's work with advanced seismic technology to get "clearer images" under the salt domes in the gulf of Mexico, which reduces exploration and development risks as well as its use of lateral - "virtual horizontal" - drilling techniques to increase productivity in its aging Alaska North Slope development.

"The big driver of innovation will come form the private sector because it will be good for business," Pillari said. "Demand will drive it."

Pillari said government lacked the political will to make the kind of investments that will take technology where it needs to go to produce enough energy to sustain global economic growth.

But another speaker at the conference said only government would be willing to make the kind of long-term research and development investments needed.

"Government has to invest in the long-term research that will get us through," said Mark Levine, director of environmental energy technology at the Lawrence Berkeley National Laboratory.

"While BP has provided a commendable example, I do not see BP trying to develop the kind of new products we will need in 25 years," he said. "We need carbon-free fuel and a replacement for liquid fuels."
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