BP says biofuels growth will outpace oil in 2011-2030 period

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BP says biofuels growth will outpace oil in 2011-2030 period

In the UK, BP published for the first time a summary of its forward-looking analyses. In Energy Outlook 2030, BP projects that primary energy use will grow by nearly 40% over the next twenty years, with 93% of the growth coming from non-OECD (Organisation of Economic Co-operation and Development) countries. Non-OECD countries are seen to rapidly increase their share of overall energy demand from just over half currently to two-thirds. The report projects that, between 2010 to 2030, the contribution to energy growth of renewables (solar, wind, geothermal and biofuels) is seen to increase from 5% to 18%.

Global liquids demand is forecast to reach 102.4 million barrels per day (mmbpd) in 2030. The net growth of 16.5 mmbpd over the next 20 years comes exclusively from the emerging economies of the non-OECD. Biofuels production is expected to reach 6.7 mmbpd by 2030 from 1.8 mmbpd in 2010 and will contribute 125% of net non-OPEC supply growth over the next 20 years. Continued policy support, high oil prices, and continued technological innovations all contribute to the rapid expansion. The US and Brazil will continue to dominate biofuel production with 76% of total output in 2010 but falling to 68% in 2030 as output from Asia-Pacific begins to rise.

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