The Organization of Petroleum Exporting Countries, OPEC, from one of their recent research estimated that energy demand is set to experience a rise of 33% between 2015 to 2040.
The international organization further noted that the rise would likely need about $11 trillion to aid oil exploration and production.
OPEC Secretary-General, HE Mohammad Sanusi Barkindo, made this revelation at the SPE Kuwait Oil & Gas Show and Conference, October 13, 2019 in Kuwait City, saying: “Overall energy demand will increase 33per cent from 2015 to 2040, with almost 95per cent of that demand coming from developing countries, led by India and China. Crude oil will continue to account for the largest share of the energy mix by 2040 – around 28per cent – and oil and gas together are projected to make up more than 50per cent of the global energy needs.
He added: “Looking ahead, the successful deployment of carbon capture, utilization, and sequestration (CCUS) and other emissions-reducing innovations could strengthen the industry’s competitiveness and affirm its commitment to tackling climate issues. Many OPEC Member Countries are fortunate to have abundant renewable energy potential and are working to exploit these resources for industrial and domestic use, while also harnessing advanced technologies to improve efficiency along the entire petroleum production chain.”
He conclusively noted. “Finally, the oil industry needs a supportive investment climate if we are to meet the world’s energy needs and deliver solutions to climate challenges. OPEC estimates that investments of almost $11 trillion in the industry will be needed to address the demand and supply outlook I mentioned earlier.”