BP CEO: ‘Peak oil’ talk quieted by abundance

“Thanks to new frontiers such as shale and deepwater, our industry is now producing an enormous amount of previously unreachable oil and gas,” Dudley added.

He said that at current consumption rates, data suggests that the world has 54 years’ worth of proven oil reserves and 64 years worth of proven gas reserves, adding, “more will be found.”

Dudley noted the boom in development from shale oil formations that has moved North Dakota to second place behind Texas in among U.S. states, the growth of deepwater development in the Gulf of Mexico, and resources in other regions.

He noted Russia, where BP has invested, has the largest combined oil and gas reserves and highest combined output already, but added: “In our view, it’s potential has yet to be realized.”