Rising oil, gas investment put at $5.3 trillion to 2030

Oil companies will have to invest a whopping $5.3 trillion over the next 30 years to supply the world's increasing demand for oil and natural gas, Paris-based International Energy Agency said Nov. 20.That would include $2.2 trillion in investments for new oil production, as worldwide demand for oil surges to 120 million b/d by 2030 from 77 million b/d in 2002, said IEA officials in their World Energy Investment Outlook for 2003.An additional $3.1 trillion will be needed to increase global production of natural gas to 5.3 trillion cu m in 2030 from 2.5 trillion cu m in 2000, they said. Most of the total projected investment will go to replace current and future oil and gas wells whose ...

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