Saudi Press

Saudi Arabia and the world
Monday, Apr 15, 2024

$300 billion annual investment shortfall in natural gas development worldwide

$300 billion annual investment shortfall in natural gas development worldwide

The world faces a significant shortfall in natural gas investment, estimated at $300 billion annually, posing risks to energy affordability, availability, and sustainability.
As natural gas becomes increasingly vital, replacing coal and supporting renewables, especially in developing nations, the underfunding over the past decade threatens supply and could cause further price increases.

Crescent Petroleum’s CEO Majid Jafar conveyed these concerns to global business and energy leaders at the International Energy Forum in Riyadh.

At the Saudi-led 14th IEA-IEF-OPEC Energy Outlook Symposium, top energy officials emphasized the urgency of addressing the investment gap amid volatile markets.

Jafar underscored natural gas's role in the energy transition and the potential consequences of investment shortfalls on supply and climate goals.

He flagged the expected 50% surge in global LNG trade by 2040 and warned that insufficient infrastructure investments could worsen energy poverty and increase carbon emissions.

The Symposium also featured high-level discussions with oil ministers from OPEC countries and showcased the Gulf region's leadership in innovative energy technologies, including solar and hydrogen ventures, which position it as a long-term key energy provider.

Crescent Petroleum has set an industry benchmark by achieving carbon neutrality in 2021, becoming one of the sector's least carbon-intensive firms through efficiency improvements and emissions offsetting, a testament to the company's commitment to sustainable energy practices.
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