OPEC Sec. Gen."

Oil, gas industries require $10tn investment by 2040

News ID: 2977503 -
TEHRAN, Nov. 24 (MNA) – Estimating that 50% of world’s energy needs will be fulfilled by oil and gas until 2040, OPEC’s secretary general stressed the need to attract 10 trillion dollars in global oil and gas industries.

Speaking at the third summit of Gas Exporting Countries Forum (GECF) on Monday, Abdalla Salem el-Badri deemed natural gas as a factor of stability in different parts of the world adding “along with the increase in the world’s population, demands for energy consumptions are increasing in many countries as well.”

Abdalla Salem el-Badri noted the significant increase in the demand for oil and gas until 2040; “it has been estimated that by the year 2040, crude oil and natural gas will provide 50% of the world's needs,” he stressed.

The official underlined that a significant portion of the energy demand will require new investments especially in the countries possessing oil and gas reserves and continued “on the basis of estimations, new investments worth about 10 trillion dollars must be done in the world’s oil and gas industries until 2040.”

“Two trillion barrels of oil and two trillion cubic meters of natural gas are required in order to meet the energy needs of the world by 2040,” said el-Badri concluding “besides new investments, other important issues must also be put on the agenda of energy producing and consuming countries including use of new technologies, greater respect for the environment as well as prevention of climate changes in the world.”

The 3rd GECF Summit wrapped up on Monday night issuing the Tehran Declaration as well as a message to the UN climate change conference which is going to be held next week in Paris. 

 

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