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Al-Falih calls fossil fuels the crown jewels of global energy

Aramco chief’s calls for greater energy efficiency echoed by GE’s Bolze

The head of Saudi Aramco, the world’s largest oil company, yesterday hailed the world’s abundant fossil fuel resources in his keynote speech, the first of the World Energy Congress 2013. Khalid Al-Falih, chief executive of Saudi Aramco, said the world’s reserves stood at 14 trillion barrels of oil and 7,000 trillion cubic feet of gas, or, at present rates of use, about 50 years supply of oil and 250 years supply of gas. Al-Falih told delegates: “The earth is blessed with a colossal endowment of fossil energy. Current proven reserves of 1.6 trillion barrels, which equate to half a century of global oil production at current rates, are at their highest level ever. “Oil and gas are the most e

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