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* Existing technology to reduce need for exploration
* Alternative power further lower fears of supply crunch
* Carbon pricing key to unlock use of wind, solar
By Ron Bousso
LONDON, Nov 2 (Reuters) - The world is no longer at risk ofrunning out of oil or gas for decades ahead with existingtechnology capable of unlocking so much that global reserveswould almost double by 2050 despite booming consumption, oilmajor BP said on Monday.
When taking into account all accessible forms of energyincluding nuclear, wind and solar, there are enough resources tomeet 20 times what the world will need over that period, DavidEyton, BP Group Head of Technology said.
"Energy resources are plentiful. Concerns over running outof oil and gas have disappeared," Eyton said at the launch ofBP's inaugural Technology Outlook.
Oil and gas companies have invested heavily in squeezing themaximum from existing reservoirs by using chemicals, supercomputers and robotics. The halving of oil prices since lastJune has further dampened their appetite to explore for newresources, with more than $200 billion worth of mega projectsscrapped in recent months.
By applying these technologies, the global proved fossilfuel resources could increase from 2.9 trillion barrels of oilequivalent (boe) to 4.8 trillion boe by 2050, nearly double theprojected 2.5 trillion boe required to meet global demand until2050, BP said.
With new exploration and technology, the resources couldleap to a staggering 7.5 trillion boe, Eyton said.
"We are probably nearing the point where potential fromadditional recovery from discovered reservoir exceeds thepotential for exploration."
NEW POWER
The world is however expected to reduce its reliance onfossil fuels in favour of cleaner sources of energy asgovernments introduce policies limiting carbon emissions inorder to combat global warming.
"A price on carbon would advantage certain resources," Eytonsaid.
Governments are expected to agree on a framework to limitglobal warming by limiting carbon emissions at the UnitedNation's climate summit in Paris starting this month. Europeanoil companies have urged policy makers to introduce a globalprice on carbon that will favour the use of less dirty naturalgas at the expense of coal.
"Ultimately, national and international policies willdetermine how much of and which resources will be produced."
"We envisage increasing competition between energyresources," he said. "This will likely result in increasedcompetition in the energy market and disruption for theincumbent."
In North America, a price of $40 per tonne of carbon wouldmake gas turbine power plants more cost-effective than coal, BPsaid.
However, an $80 per tonne price on carbon would make onshorewind technology competitive with gas-fired power and would alsomake carbon capture and sequestration with gas-fired powereconomic.
And while oil is expected to be the main source fuelling thetransport sector by at least 2035, electric vehicles couldapproach cost-parity with the internal combustion engine, due toadvances in battery technology, BP said.
BP, the largest operator of solar and wind power among itspeers, will see its investment portfolio evolve over time inline with government policies, Eyton said. (Editing by William Hardy)
