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Underinvestment in global oil sector estimated at $1 trillion — Novak

The Russian deputy prime minister expects hydrocarbons to play a dominating role in the energy balance for at least a few investment cycles

MOSCOW, October 12. /TASS/. Investments in the oil sector should be returned to the global energy for stable supply of hydrocarbons, with underinvestment currently estimated at $1 trillion, Deputy Prime Minister Alexander Novak said at the Russian Energy Week.

"I think that we have been living amid underinvestment in global energy for a few years already. Previously $700 bln were invested in the oil sector each year, whereas over the past several years, investments in the sector equaled $350-400 bln per year, which means global underinvestment has already reached around $1 trillion over the past several years," he said.

Novak expects hydrocarbons to play a dominating role in the energy balance for at least a few investment cycles. "This is why for stable supply of energy resources to global energy it is necessary to get investments back, to create conditions for stable operation of the sector," he noted.

Russian Energy Week is an international event, which provides a platform to discuss the main economic challenges in energy, as well as current issues concerning the development of the fuel and energy sector. The event traditionally brings together industry movers and shakers, including heads of the largest companies in the energy industry. This year it is being held on October 11-13. The forum is organized by the Roscongress Foundation, the Russian Energy Ministry with the support of the Moscow government. TASS acts as an information partner.

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Alexander Novak

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