IEA: The world needs upstream oil and gas investment

IEA's Fatih Birol at CERAWeek stressed the need for upstream investments in existing oil and gas fields to ensure global energy security.

The world needs upstream investments in existing oil and gas fields to support global energy security, Fatih Birol, the executive director of the International Energy Agency (IEA), said at the CERAWeek by S&P Global conference in Houston.

The IEA famously said in 2021 that no investments in new oil and gas fields are needed if the world has a chance to reach net-zero emissions by 2050.

The Paris-based agency has repeatedly said since 2021 that the world not need any new long lead-time conventional oil and gas projects or coal mines approved after 2023 as the surge in clean energy deployment could lead to peak fossil fuel demand this decade.

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Source: Oil Price

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