The IEA estimated the income of the global oil and gas industry at $4 trillion at the end of the year
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The income of the global oil and gas industry has grown to a record for the past few years, nearly $4 trillion, Fatih Birol, Executive Director of the International Energy Agency (IEA), said on Twitter.
“Global oil and gas industry revenue jumped to nearly $4 trillion in 2022, a huge increase from the recent $1.5 trillion average,” he wrote.
According to the chart published by Birol, from 2015 to 2021. industry revenues averaged between $1 trillion and about $2 trillion. Companies in the oil and gas sector, the director of the agency said, have a “unique opportunity” to invest a significant portion of the amount in the transition to clean energy sources, especially in developing countries and emerging markets.
The capacity of renewable energy sources (RES) in the world will increase by 75% in 2022-2027, or by 2400 GW, was reported in the IEA report of 6 December. The share of renewables in global electricity generation, according to the agency’s forecasts, will grow from 25% in 2021 to 38% in 2027.
Earlier, Birol said that Russia’s revenues from oil and gas exports will decrease by 30%, or $8 billion, in January due to the price ceiling for Russian energy resources set by Western countries.
Last fall, Deputy Prime Minister Alexander Novak reminded about Birol’s statement about the need to stop investing in oil and gas projects. As a result, the world’s largest banks announced they would stop lending to such projects. “This is a real problem,” said the Deputy Prime Minister. According to Novak, global investment in the oil and gas industry has been artificially reduced by more than half to $300 billion a year due to the transition to green energy.
According to the IEA, the volume of investments in oil and gas production in 2021 increased by 10% compared to 2020, to $380 billion. But this volume is still 20% below the pre-pandemic level. In 2022, the agency expected further growth in investments in oil and gas production by 10% compared to 2021 due to inflation.
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