coal, gas and oil - are in the forefront of the world's energy picture. These supply the lion's share - some 85 percent - of the world's energy needs, and ared expected to do so for at least the next few decades. In fact, the OPEC Secretariat, IEA US Department of Energy and others project that the world will rely on fossil fuels for some 80 percent of its energy needs at least through the year 2030. Fossil fuels are proven, abundant, reliable, affordable and safe energy sources, with extensive production, transportation and distribution networks in place. Yes, we do need to develop alternative and renewable energy resources. But we must also be realistic about their ability to contribute significantly to the world's energy mix at this time and in the foreseeable future. Right now, significant hurdles - technical, commercial, environmental and economic - must be overcome before many of these options are feasible or operationally viable. Given these facts, I believe that an important message for this venue is the tremendous amount of research, development and investment that the petroleum industry is putting into making the exploration and production of oil and gas more environmentally friendly. --More
