Investment in Oil and Gas Crucial for Energy Security

Investment in Oil and Gas Crucial for Energy Security: IEA's Fatih Birol

Fatih Birol of the International Energy Agency highlighted the need for investment in oil and gas fields to support global energy security. His remarks align with pro-drilling stances, marking a shift from the agency's previous focus on renewable energy initiatives, as pressure mounts from U.S. policy and fossil fuel advocates.
Energy & Extractives
Devdiscourse News Desk

  
Fatih Birol, the director of the International Energy Agency (IEA), emphasized on Monday the need for increased investment in oil and gas fields, crucial for maintaining global energy security. This statement aligns with President Donald Trump’s pro-drilling policies, reflecting a shift under pressure from fossil fuel advocates.

At the CERAWeek energy conference in Houston, Birol highlighted that substantial investment is essential to address the decline in existing oil and gas fields. He asserted the importance of upstream investments, despite the agency's recent focus on clean energy and the possibility of achieving net-zero emissions by mid-century.

The IEA, long a guiding force for energy policy among industrialized nations, is adapting to meet member countries' energy security priorities. With the U.S. contributing significantly to the agency's budget, Birol underscored the need to reconcile investment strategies amid ongoing debate over energy transition and fossil fuel dependency.

(With inputs from agencies.)