[MUSIC] Next slide, gives us the shares of all oil production by type in the new policy scenario. The different types that we are considering here, conventional oil, natural gas liquids, extra-heavy oil and bitumen and light tight oil primarily, can be seen that from now to 2035, we still expect conventional crude oil to be the dominant component of total world oil supply. Although diminishing relative to current values, nevertheless remaining the dominant component. Then we have natural gas liquids, which are also becoming more important because the production of gas is expected to increase and with it liquids that are associated or produced together with this gas, will also become available to the global oil supply. The next component is extra-heavy oil and bitumen which is also increasing but together with light tight oil remains relatively marginal, although as I said increasing, so over the following decades that role is probably going to increase. It is clear that as shown in the next slide. The role of Light Tight Oil has been increasing rapidly in the past few years, especially in the United States, this is very much of a US phenomena. In the growth in the production of Light Tight Oil which is represented on the left-hand side of this graph has been nothing short of spectacular. It's still exponential and shows no sign of slowing down. On the right hand side you have the growth in gas shale gas, which has been somewhat slower, but is no less impressive. So in between these two, we are led to conclude that the role of light tight oil especially will be very much increasing, but as shown is in the next slide. In fact, the expectation is, at least the expectation at the International Energy Agency is that very soon after this exponential first phase that you see rather, on the left hand side of the graph, the production from light tight oil from shale oil will start slowing down. And even reaching a peak in 2025 and declining thereafter. So this shale oil revolution is there. It's a real revolution, but it's not destined to last forever. It's destined to last approximately ten years and then start declining. The same is true for natural gas liquids. When we look at this graph, we see that they, too, peak in around 2025. And then decline. Now, of course, the reality is these are just estimates or just expectations, we don't know exactly how much oil there is in shale oil deposits. We don't know how much of it will be produced. And how quickly it will be produced. It depends also on the future of oil prices. If oil prices are high, that is a strong incentive to keep on producing out of these deposits. If oil price has declined, then some of these deposits might become marginal or be no longer commercially attractive, and so therefore, they cease to be proven results. The next slide gives us the distribution of light tight oil production in different countries. As you can see, the role of the United States is very dominant at the beginning. It will peak in 2025 and then slightly decline in line with what we just said. And we see other countries coming to the fore in contributing to light tight oil production, notably, especially Canada, Russia and Argentina. But the total is expected to decline somewhat in between 2013 and 2035. The last slide has a very important message for us, and that is that the availability of resources, crucially depends on the level of oil prices. As you can see here, you have all different kinds of resources and for each one, there is a minimum cost in the maximum cost of production. So, if we are speaking about the Middle East and North Africa, that's a good portion of the graph on the left, you can see that the cost of production is very low. So for any price above 20 or $25 per barrel, essentially all of the oil in the Middle East and North Africa can be commercially produced. When it comes to other regions or to other kinds of oil, the sufficient changes and for the more exotic kinds of oil, such as extra heavy oil and bitumen. Or GTL, the dark blue section to the right. You need prices that are significantly higher. Prices that are in between 60 and $100 in order for these resources to be commercially recoverable. So, if we have a high oil price, a price of oil above $100, almost all of these resources are commercially recoverable and the potential supply is much larger. Potential because this is not actually available unless there is investment goals into developing these resources. But this investment is possible and it would be commercially viable. If the price of oil is declines and goes below this level, then one of the other of this resources, types of resources or portions of it, becomes no longer commercially recoverable. So we have to keep this in mind because the price of oil is highly volatile, it can go up, it can go down. At certain times, it will go up and there will be a lot of enthusiasts for developing some of the more exotic and difficult resources. But some other times, it will go down and at that time, there will be doubts about the commercial viability of the more exotic and more difficult resources.