As Clean Energy Grows, Decline in Oil Production Investments Could Lead to Severe Oil and Gas Shortages, Warns CEO of Russian Oil Company Rosneft

Written by Fabio Lucas Carvalho

Published on 06/06/2021 at 12:32

Foto: Pixabay

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While Clean Energy Grows Worldwide, The Decline In Investments In Oil And Gas Production May Cause A Severe Global Shortage

Igor Sechin, CEO of the Russian oil company Rosneft, the second largest oil producer in the world, warned this Saturday at the St. Petersburg International Economic Forum that the world may face a severe shortage of the product due to the “fascination” of Western countries with clean energy. The main reason would be the underinvestment in the oil and gas sector around the globe.

The CEO of Rosneft warned that while countries invest in clean energy, the demand for oil and gas continues to grow worldwide. This imbalance could cause a significant shortage of oil and gas in the coming years.

Igor Sechin During The St. Petersburg International Economic Forum. Photo: Sputnik / Mikhail Klimentyev / Kremlin via REUTERS

The CEO also stated that it is difficult to predict when the global economy will recover from the pandemic, but predicted that a complete recovery will occur in 12-24 months, when about 70% of the global population should already be vaccinated. Sechin analyzed that “we will certainly see new players emerging, as well as the growth of medium-sized companies and the consolidation of the sector as a whole in the near future.”

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The Oil And Gas Sector Is One Of The Engines Of The Russian Economy

Russia is heavily dependent on oil and gas sales to the world; however, the country has committed to cutting carbon emissions. Even with this promise, Russia still lags behind several countries in the development of renewable energy, such as solar and wind energy.

Igor Sechin’s Rosneft is the second largest oil producer in the world, behind only Saudi Aramco. The Russian company produces an astonishing 4 million barrels of oil per year.

As Clean Energy Grows, Decline in Oil Production Investments Could Lead to Severe Oil and Gas Shortages, Warns CEO of Russian Oil Company Rosneft

While Clean Energy Grows Worldwide, The Decline In Investments In Oil And Gas Production May Cause A Severe Global Shortage

The Oil And Gas Sector Is One Of The Engines Of The Russian Economy

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As Clean Energy Grows, Decline in Oil Production Investments Could Lead to Severe Oil and Gas Shortages, Warns CEO of Russian Oil Company Rosneft

While Clean Energy Grows Worldwide, The Decline In Investments In Oil And Gas Production May Cause A Severe Global Shortage

The Oil And Gas Sector Is One Of The Engines Of The Russian Economy

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While cities spend fortunes patching potholes and tons of plastic become waste, the Netherlands transforms over 218,000 recycled cups into a modular bike path that can conceal drainage, cables, and pipes.

A public school student single-handedly created a machine capable of treating water for up to 50 people using only solar energy. It was awarded third place at one of the most important science fairs in the world.

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