World Energy Outlook highlights that significant investment in oil and gas is needed

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

“The IEA’s World Energy Outlook is a reference point for the whole energy industry.

It reconfirms our understanding that oil and gas will cover a large amount of the world’s energy demand in 2040, also in the two-degree scenario.

I am also glad to see that the IEA highlights that significant investment in oil and gas will be needed to develop the new resources necessary to meet this demand.

The Report’s analysis is particularly relevant as the United-Nations climate negotiations are taking place this week in Morocco. Natural gas is part of the solution to the climate challenge. In the medium term by replacing coal in power production, and in the long term in combination with new technologies such as Carbon Capture and Storage.

At the same time, oil remains central to our economies: its unique energy content and its flexibility make it an ideal energy source and feedstock for so many uses – from lubricants to pharmaceuticals.”