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July 25, 2023

No need for extra oil and gas investment to meet demand, says Wood Mackenzie

Oil rigs under construction
Wood Mackenzie says the ‘widespread belief’ that the oil and gas industry is underinvesting is incorrect (Photo: CreativeNature_nl/Envato)

A new study finds fossil fuel demand over the next decade can be met without new capital expenditure, despite energy groups’ commitment to new oil.

Peak oil and gas demand can be met in the 2030s without a substantial increase to today’s annual investment levels of $500bn, research from consultancy Wood Mackenzie shows.

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