billion barrels. Saudi Arabia’s reserves-to-production (R/P) ratio stood at 60.8 years at the end of 2015.
In her introductory remarks, Marie-Jose Nadeau, Chair of the World Energy Council, said: “No company, no country, no consumer will be unaffected by the changes we are set to witness. We call this the grand energy transition. None of us can continue business as usual,” Nadeau said, adding that the future looked challenging for oil-producing countries.
“Those we do not adapt will eventually lose,” she said, adding that “change and velocity” were the keywords for the congress and the future of energy. “How rapidly can we adapt to what we see happening in our business and government environments?”