The eus own production of gas great britain and the

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Unformatted text preview: eserves as a whole, at current rates of production there are more than 40 years left before exhaustion. Considering individual countries at their present production rates, for Iran there are 81 years left before the exhaustion of its oil reserves, 140 for Iraq, 150 for Kuwait, 96 for Saudi Arabia, 86 for the United Arab Emirates, 53 for Venezuela and only about 18 years left for the US. Prior to 1975, the European Community states imported virtually all of their oil. With North Sea oil production however, dependency upon imported oil had fallen to below 60% by the late 1990s. In the year 2000, however, the import dependency curve turned and started to rise and will continue to rise sharply for the foreseeable future. The EU today imports 50% of its energy consumption. The EU’s own production of gas (Great Britain and the Netherlands) will decrease substantially by 2020. The necessity for gas imports will therefore double in the next 20 to 25 years, also as a consequence of increased consumption and because of climate challenges. By 2030, the EU will need to import more than 80% of oil and more than 90% of gas. Oil will be mostly imported to the EU from Russia, No...
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