$11.8 trillion required in Oil & Gas industry by 2045 said OPEC chief Mohammad Barkindo
Five days long 23rd World Petroleum Congress ended in Houston on 09 Dec. Energy leaders, energy experts, and researchers from all over the world attended from 05-09 Dec. The giant upstream, midstream and downstream oil & gas companies set their goals for net-zero and energy transition by 2050. WPC was a great opportunity for climate change seekers.
Mohammad Barkindo said OPEC’s World Oil Outlook 2021 showed that upstream capital expenditure fell by around 30% in 2020 as a result of the impact of the COVID-19 pandemic.
According to him, this follows drops of 27% in 2015 and 2016.
“Investments have not recovered since a global level of $700 billion was witnessed in 2014, and they were at only half this level in 2020. The return of investments is a core objective of the declaration of cooperation between OPEC and non-OPEC producers, which has done so much to return balance and stability to the market since the onset of the pandemic in early 2020,” the OPEC boss noted.–Reported by Ali