The
scale of global fossil fuel consumption is massive. In 2011 almost 11,000
million tons of oil equivalent (Mtoe) were consumed in the form of oil, gas,
and coal-based fossil fuels. While fossil fuel consumption continues to
increase (~32% increase from 2000 to 2011) to sustain our growing population
and the advancement of developing nations (e.g. China and India), most of this
increase in consumption comes from coal (~57% increase 2000-2011) and natural
gas (~34% increase 2000-2011). Coal and gas production rates are currentlyincreasing faster than consumption rates.
For petroleum oil however,
consumption (~14% increase 2000-2011) has grown faster than oil production
(~10% increase 2000-2011) in the same period largely due to the plateau in
production of conventional oil; a harbinger of some major challenges and
changes to the future energy mix.
The
petroleum industry can exploit a range of feedstocks for the production,
processing and transformation of liquid hydrocarbons, of which conventional oil
has, until recently, been the cheapest and most readily accessible. Currently,
we are witnessing a necessary transition to a more diverse mix of feedstocks. Read more...........
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