New IEA report shows that significant investment is essential

Remarks by Gordon Ballard, IOGP’s Executive Director, on the new International Energy Agency’s report World Energy Investment 2016:

“It is good that the IEA launches an annual publication on energy investment. Energy is crucial to global progress and so is investment in energy.

“In the oil and gas sector, huge investment will be necessary in the next decades, to explore and produce the new resources needed to meet the energy demand that a growing world population will likely generate. As the new Report shows, significant investment is essential to preserve security of energy supply.

“The IEA itself has estimated that, even if the world manages to keep the temperature increase within 2 Degrees Celsius, in 2040 oil and gas will each have to cover 22% of the world’s energy demand.”