- The global oil and gas industry will need to invest at least $20T over the next 25 years to meet expected growth in demand and compensate for the natural decline in developed fields, Saudi Aramco CEO Amin Nasser tells the CERAWeek conference.
- The necessary future investments will come only if investors are convinced "that oil is here for the foreseeable future... that is why we must push back on the idea that the world can do without proven and reliable sources," Nasser says.
- “Even conservative estimates” suggest the need for ~20M barrels of new capacity in the next five years to meet demand, regardless of the growth of electric vehicles, Nasser also says.
- He briefly mentioned plans for Saudi Aramco to go public, saying that the IPO plan is “proceeding very well,” but that the Saudi government ultimately would have to decide when and where it will be listed.
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- Now read: Weekly Rig Count Report: U.S. Added 3 To 981, Canada Lost 4 To 302
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