IEA: Coal and Oil & Gas Investment Surged in 2022

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Adi Ahdiat 24/06/2022 15:00 WIB

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The International Energy Agency (IEA) projects that global investment in fossil fuel supply will increase in 2022.

Global Investment in Fossil Fuel Energy Supply (2015-2022*)

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Global Investment in Fossil Fuel Energy Supply (2015-2022*)

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The International Energy Agency (IEA) projects that global investment in the fossil fuel supply chain will increase in 2022.

This was revealed by the IEA in its latest report, *World Energy Investment 2022*, released on Wednesday, June 22, 2022.

"Investment in fossil fuels is trending upwards, but it is still 30% lower than before the signing of the Paris Agreement (in 2015)," the IEA stated in its report.

According to the IEA, this increase in investment is partly driven by the global desire to reduce dependence on Russian fossil fuel supplies and to ease short-term market tensions.

The IEA projects that global investment in the coal supply chain will increase by 10% in 2022 compared to last year.

"This increase is led by China and India, dominant players in the global coal market," the IEA explained.

Meanwhile, in the oil and gas sector, the increase in investment is led by state-owned oil companies in the Middle East and Russia.

"Saudi Aramco and ADNOC have announced plans to increase investment by around 15%-30% in 2022," the IEA stated.

"Russian companies, led by Rosneft, have also announced significant investment increases for 2022, but they are still considering the investment value given international sanctions and restricted access to Western markets," it continued.

The IEA notes that US oil companies also plan to increase investment by up to 30% this year.

Investment from Europe, however, remains largely unchanged compared to last year, although they will increase coal consumption throughout this year.

"In the current situation where commodity prices are high and supplies are scarce, investment is focused on projects that can quickly produce (fuel) volumes," the IEA concluded.

(Also Read: [Global Upstream Oil and Gas Investment Trend Decreases, Here's the Detail](https://databoks.katadata.co.id/datapublish/2022/06/23/tren-investasi-hulu-migas-global-menurun-ini-rinciannya))

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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IEA: Coal and Oil & Gas Investment Surged in 2022

IEA: Coal and Oil & Gas Investment Surged in 2022

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