Use of Best Exploration Technologies Would Almost Double Proved Reserves, Says BP

BP has said that by merely applying the best available technologies to discover oil and gas resources, it would increase "proved reserves" from 2.9 trillion barrels of oil equivalent to 4.8 trillion barrels. 

The company made the statement in its Technology Outlook report. The 80-page report is the result of cooperation between business and academic experts.

In a statement discussing the content of the report, the company also explained the role of digital technologies. 

“Digital technologies - such as advanced sensors, data analytics, robotics and automation, enabled by supercomputing - have the most widespread potential to drive change and make energy supply and consumption safer, more reliable, more efficient and more cost-effective. These technologies are already transforming the oil and gas industry, and the longer term possibilities are frankly difficult to imagine,” David Eyton, BP Group Head of Technology, commented in a press release. 

At the same time, the report said that wind and solar will continue to reduce costs.