In a speech to the Asia Oil and Gas Conference, ConocoPhillips Chairman and CEO James Mulva
stated that 'vast new areas' will have to be opened up in order to meet a projected 40 pct growth in demand for oil over the next 20 years.

'By 2030 we would have to bring on line 105 million barrels a day of new production. To meet this challenge, vast new areas will need to be opened and explored.'

'New technology will be needed to access resources that are in more remote locations, or trapped in unconventional reservoirs.'

According to the Paris-based International Energy Agency, the world will require 120 million barrels of oil per day by 2030. Currently consumption is 85 million barrels a day.

The IEA has projected that the demand for natural gas will grow at an even faster pace than oil, rising 66% by 2030.

'Regional gas markets are growing and price realisations are rising. These factors now make gas a prime exploration target, instead of merely an adjunct to the search for oil,' Mulva said.