Reported about 5 hours ago
The International Energy Agency (IEA) has revealed that the natural decline rates of oil and gas fields worldwide are accelerating, primarily due to increased reliance on shale and deep offshore resources. The report warns that without adequate investment, global oil and gas production could decline significantly, equating to the combined output of Brazil and Norway annually. Currently, a staggering 90% of upstream investments are focused on compensating for supply losses in existing fields rather than increasing production, highlighting urgent investment needs in the sector.
Source: YAHOO