Organisation of Petroleum Exporting Countries, OPEC, has disclosed that $11 trillion would be required to invest in oil and gas exploration, production, refining and distribution of petroleum products between now and 2040., the Secretary-General of OPEC, HE Mohammad Barkindo stated: “This is all brought home by the scale of the investment requirements. Oil-related investments across the upstream, midstream and downstream are estimated at around $11 trillion in the period to 2040.
He said: “In this regard, I welcome coordinated action within the industry, governments and through various research and development platforms such as the Oil & Gas Climate Initiative. It is vital that we collectively develop and adopt technologies, as well as all-inclusive energy policies that would address carbon emissions, not crowd out investments in oil.
“While the times we live in often appear turbulent and the challenges daunting, experience has repeatedly shown us that the enduring principles of cooperation and the audacity to try something new, such as the ‘Declaration of Cooperation’, can bring about some measurable success.
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