G. Warfield Hobbs IV
Curriculum Vitae
G. Warfield “Skip” Hobbs is Managing Partner of Ammonite Resources Company, an international petroleum geotechnical, economic and business consulting firm that Hobbs founded in 1982 in New Canaan, CT. Hobbs is also Managing Director of Ammonite Capital Partners L.P. a natural resource finance advisory firm. He began his career in 1970 as an exploration geologist with Texaco, and worked in Ecuador, the United Kingdom, Indonesia and Portugal. In 1977 he returned to the United States, and worked as a senior staff geologist for international ventures at the headquarters of Amerada Hess in New York. Skip holds a B.S. degree in Geology from Yale College, and a M.S. Degree in Petroleum Geology from the Royal School of Mines, Imperial College, London. He is a past –Secretary (1993-1995) of the American Association of Petroleum Geologists, and from 2004-2007 served on the Executive Committee of the American Geological Institute, a Washington-based organization that represents over 120,000 members in 44 professional geoscience societies. Skip also currently serves as the USA director of the Burgess Shale Geoscience Foundation, Field, British Columbia. He is a member of the Houston Chapter of SIPES and of the Houston Geological Society, and is a licensed professional geoscientist in Texas and Pennsylvania. Hobbs writes and speaks frequently on energy economics and policy matters.
Abstract
THE FUTURE OF THE GLOBAL OIL INDUSTRY: RESOURCES, CHALLENGES AND THE GEOSCIENCE WORKFORCE
HOBBS, G. Warfield IV, Ammonite Resources Company, New Canaan , CT 06840
Petroleum powers the world's economies, but is there enough oil and natural gas to meet surging demand as developing nations enter the consumer age? Current global oil consumption stands at 86 million barrels per day and is expected to rise to over 100 million BOPD within 10 years. Oil prices have soared to a sustainable level over $100 per barrel. Will prices go higher or collapse? As production in the mature sedimentary basins of North America, Europe and Southeast Asia declines, the
The world has significant remaining conventional and unconventional oil and gas resources with some estimates exceeding 4 trillion barrels, many times more crude oil than has been consumed to date. Where are these resources located, and who controls them? Unconventional hydrocarbon resources are adding significant new reserves. Improved recovery technologies and conservation will extend the life of known reserves in mature conventional oil and gas fields. Despite the current North American focus on continuous reservoir resource plays, there are still significant new exploratory plays, as demonstrated by the multi-billion barrel ultra-deep Lower Tertiary play in the Deep Water Gulf of Mexico. Internationally, deep water delta systems, sub-salt plays, and the Arctic margins offer significant exploration potential.
A vibrant future global economy will require access to petroleum resources and major capital investment in exploration, development and infrastructure. There are many technical, geopolitical, infrastructure, economic, environmental, capital and workforce challenges to meeting near-term and future global oil demand. How can we deal with these? Where will capital be deployed? Graduates entering the petroleum workforce must have appropriate geoscience and business skills. What are they? Where will the industry find its future geotechnical employees? The public must have a better understanding of energy and the geosciences so realistic energy policies can be implemented. Finally, a serious commitment to developing affordable alternate energy technologies is essential, as by 2100, alternate energy sources are projected to supply fully 40% of global energy demand.
G. Warfield “Skip” Hobbs is Managing Partner of Ammonite Resources Company, an international petroleum geotechnical and business consulting firm the Hobbs founded in 1982 in New Canaan, Connecticut. Hobbs was the 1993-1995 Secretary of the American Association of Petroleum Geologists, and was candidate for AAPG President-Elect in 2006. He served on the Executive Committee of the American Geological Institute from 2004-2007. Skip writes and speaks frequently on energy economics and policy matters.
