MOSCOW, June 22. /TASS/. Global oil and gas companies could double their revenues in 2022 to $4 trillion on the back of high energy prices, according to the annual report of the International Energy Agency (IEA).

According to the report, global oil and gas sector revenues are expected to reach around $4 trillion in 2022, double the level of 2021. Agency experts attribute the doubling of oil and gas revenues to unprecedented, sky-high prices for fossil fuels. According to the IEA, revenues of oil and gas companies alone in 2022 will be enough for a decade of investments in the development of low-carbon fuel production and greenhouse gas storage technologies.

At the same time, investments in the oil and gas and coal industries, as well as in the production of low-carbon fuels will surpass $800 bln in 2022, but will remain below pre-pandemic levels, the agency wrote.