Investment worth $12.1 tn needed in oil and gas sector by 2045: OPEC Secy General

Bengaluru, Feb 6: OPEC Secretary General Haitham Al Ghais on Monday said that by 2045, an investment of $12 trillion is needed in the oil and gas sector, which suffers from chronic underinvestment.

Addressing a ministerial session during the India Energy Week which began here, Ghais said that while energy security is important, meeting growing demand is equally important.

“A balanced approach is right for energy security. When we speak about energy security, it is always about production, capacity and supply. However there is a situation of demand also,” he said.

Citing example of India, the OPEC Secretary General said that it is a classic example of exponential demand as it’s economy is set to double by 2030.

In this context he said that OPEC believes that all forms of energy are required for countries like India.

The OPEC, Ghais added, is not against energy transition, but it believes that transition should be done by reducing emissions.

“We need to work together to achieve this in a just manner,” he said.