Baku, Azerbaijan, Aug.28
By Leman Zeynalova - Trend:
With oil and gas a key part of the future energy mix, it is important to consider the investments needed to meet society’s demand, Trend reports with reference to the US ExxonMobil.
“Without continued investment to sustain existing producing fields and develop new resources, the supply of oil and natural gas declines, with oil supply naturally declining at an estimated 7 percent per year, and natural gas declining at an estimated 5 percent per year,” ExxonMobil said in its outlook.
These decline rates create a significant need for continuous investment just to sustain existing production levels observed in 2017, according to the company.
“Ceasing to invest in either oil or gas could lead to a significant supply shortfall versus what is needed to meet global demand, both for the near term and for the broad range of scenario demand projections,” reads the report.
The IEA’s 2018 World Energy Outlook estimates that significant oil and gas investment is needed to meet growing demand across a broad range of scenarios out to 2040.
They estimate more than $13 trillion of investment is needed in their Sustainable Development Scenario, and almost $21 trillion would be needed in their New Policies Scenario.
ExxonMobil, one of the world’s largest publicly traded energy providers and chemical manufacturers, develops and applies next-generation technologies to help safely and responsibly meet the world’s growing needs for energy and high-quality chemical products.
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