Depletion of Fossil Fuels: Influencing Factors and Timelines
- Fossil fuels, coal, oil, and natural gas, are the backbone of the global economy, providing over 80% of energy supply.
- However, they are finite resources, and their depletion is influenced by multiple factors, including consumption rates, new discoveries, technological advancements, and shifts toward renewable energy.
Predicting the final depletion timelines is complex because of economic, political, and technological variables.
Factors Influencing Fossil Fuel Depletion
Rate of Consumption
- Global energy demand is rising due to population growth and industrialization.
- Developing nations, particularly China and India, are heavily reliant on coal and oil, increasing depletion rates.
- Peak oil theory suggests oil production has already peaked, leading to gradual decline.
India ranks third in oil consumption, with demand projected to rise by 50% by 2030.
Discovery of New Deposits
- Advances in geological exploration have led to new oil and gas discoveries, such as in Guyana, the Arctic, and deep-sea reserves.
- Unconventional sources like oil sands and shale gas (e.g., U.S. shale boom) have extended depletion timelines.
Guyana: Discovered 11 billion barrels of oil reserves since 2015, boosting global supply.
Technological Advancements
- Enhanced oil recovery (EOR) techniques allow extraction from previously uneconomical reserves.
