Review of fossil fuels and future energy technologies

Abstract

Fossil fuels production peaks, declines and depletions depend on their proved reserves, exploration and consumption rates. Worldwide proven oil, gas and coal reserves are 1688billion barrels (Bb), 6558trillion cubic feet (TCF) and 891billion tons (Bt) being consumed at rates of 0.092Bb, 0.329TCF and 7.89BT per day, respectively. The oil, gas and coal reserves are increasing at the rate of 600million barrels (Mb), 400billion cubic feet (BCF) and 19.2Giga tons of oil equivalents (GTOE) per year. While the rate of annual increase in consumption of oil, gas and coal is 1.4Mb, 4.5BCF and 3.1million tons (Mt). Global annual energy demand of over 12billion tons of oil equivalent (BTOE) results in the emission of 39.5Giga tons of carbon dioxide (Gt-CO2), and the annual CO2 emission would increase up to 75 Gt-CO2 when future energy demand will rise to 24–25BTOE. Oil, gas and coal may continue to exist for next several decades, yet the energy transition to low carbon intensity fuels is necessary to cope with rampant climate change. Renewable and alternative energy sources hold key to the solution of twin problems, energy and climate change, with a high initial investment. Transition from fossil fuels to sustainable and renewable energy resources of 150Petawatt hours (PWh) requires major investment and innovatory technologies. Perhaps CO2 and H2O based fuel systems would facilitate climate change and grand energy transition. An energy mix consisting of fossil fuels, hydrogen, bio-fuels, and renewable energy sources seems to be a good initiative. This paper reviews evidence of hydrocarbons decline scenarios and timelines of future energy technologies.