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Investors need to invest $11 trillion in oil and gas between now and 2040 in order to meet rising demand in many nations.
In his keynote address at the just concluded meeting in Madrid. Spain. HE Mohammad Sanusi Barkindo. OPEC Secretary General. said. “To meet the expected global expansion will require huge investments.
We also need to consider that new barrels are needed not only to increase production. but to accommodate for decline rates from existing fields.
“Oil-related investment requirements across the upstream. midstream and downstream are estimated at around $11 trillion in the period to 2040. “On a positive note. we have seen investment picking up again this year. after the significant downturns witnessed in 2015 and 2016.
However. we need to remain watchful and vigilant to ensure the necessary future investments are made.“ He added. “It is important to remember that the foundation for investment and growth can only come through balance and stability in the market.
It is always worth recalling that long-term security of supply is intrinsically linked to short-term conditions.“
