Global oil and gas sector requires annual investment of $540 billion, according to the IEA
17:49 17.09.2025 1565
Maintaining current oil and gas production levels until 2050 will require the global industry to invest approximately $540 billion annually in finding new fields, the International Energy Agency (IEA) predicts, Interfax reports.
This year, this figure will be approximately $570 billion, down slightly from the previous year, Bloomberg quotes Christoph McGlade, head of the IEA's energy supply division.
The forecast is based on an analysis of more than 15,000 fields and the rate of production decline at them. Without the necessary investment, global production will decline annually by an amount equivalent to the combined output of Norway and Brazil—more than 5 million barrels per day.
Global markets are forecast to be in oversupply this year and next, with British energy giant BP Plc expecting non-OPEC global oil production to remain flat from the start of 2026 and for 12 to 18 months.
Work on improving the rules for cargo operations when exporting oil and petrochemical products was discussed
On May 29, President of Turkmenistan Serdar Berdimuhamedov held a regular meeting of the Cabinet of Ministers via a digital system, where a number of issues of state life were considered, TDH reports.
Preparations are underway for Serdar Berdimuhamedov's state visit to Mongolia
Turkmenistan President Serdar Berdimuhamedov will pay a state visit to Mongolia on June 1-2. Vice-Chairman of the Cabinet of Ministers and Foreign Minister Rashid Meredov reported on preparations for the upcoming visit of the head of Turkmenistan to Mongolia at a government meeting on May 29, TDH reports.
President of Turkmenistan to attend first Central Asia-Italy summit in Astana
President of Turkmenistan Serdar Berdimuhamedov will attend the first summit of heads of state in the Central Asia-Italy format, which will be held on May 30 in Astana. Vice-Chairman of the Cabinet of Ministers, Minister of Foreign Affairs of Turkmenistan Rashid Meredov reported on preparations for the working visit of the head of Turkmenistan to Astana to participate in the upcoming Summit at a government meeting on May 29, TDH reports.
Ashgabat to Discuss Environmental Aspects of Implementing New Technologies in Developing Hydrocarbon Deposits
The International Scientific and Practical Conference focused on "Environmental aspects in the production of hydrocarbon resources” (TESC) will be held in Ashgabat on June 5. The organizers of the upcoming forum are the State Concerns "Turkmengas", "Turkmennebit", the State Corporation "Turkmengeology" together with the "Turkmen Energy Forum".
Teleconference between the participants of «OGT-2021» and «Expo Dubai 2020» was held
Today, on the second day of the XXVI International Conference «Oil and Gas of Turkmenistan -2021», a teleconference was held with the participants of the International Exhibition «Expo Dubai 2020». Its participants discussed one of the most pressing topics of our time – the transition to a low-carbon future through the use of natural gas and alternative energy sources.