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    IEA Critical Minerals and Clean Energy Summit delivers six key actions for secure, sustainable and responsible supply chains

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    Proman, Mitsubishi sign MoU to develop world-scale ultra low-carbon ammonia plant in Lake Charles, USA

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  • Market Reports
    Saudi Aramco to acquire Shell’s share of the SASREF refining joint venture

    Aramco to enter global LNG business by acquiring stake in MidOcean Energy

    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

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    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

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Further Investment In Oil And Gas Sector Aspired By OPEC

venkat by venkat
October 3, 2023
in Featured, News, Upstream
0

The Organisation of the Petroleum Exporting Countries’ (OPEC) happens to be having a positive outlook on demand and also sees underinvestment to be a potential risk to energy security, said Secretary-General Haitham Al-Ghais recently at an Abu Dhabi industry event.

He put stress on the fact the importance of consistent investment in the oil and gas sector and also considered a halt in oil investments as counterproductive.

As per Al-Ghais, they anticipate that oil demand will remain pretty strong this year, similar to what it was in 2022, adding that the group’s forecast predicts a year-on-year rise in demand of over 2.3 million barrels per day.

He also stressed upon the significance of investing in the oil and gas sector so as to ensure energy security.

They are, as of now, going through a significant shortage of spare capacity. However, they have consistently pushed this issue, and it is vital that all stakeholders get the importance of investing in this industry, and will require a collective effort from everyone involved.

The Energy Minister of the UAE, Suhail Al-Mazrouei was also in sync with the need to call for investment from both international and national oil companies.

He further said that these investments require the financial world to be backing financing for oil and gas.

Later, to reporters, he also said that his country is on the path to growing its oil production capacity from 4.2 million bpd to 5 million bpd by 2027.

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