Global oil and gas investment will be 30% below pre-Covid level: ONGC

Says country's energy mix leans heavily on fossil fuels, which meet 90% of domestic demand; India's energy needs to at least double by 2050 with strong growth expected in natural gas

Global investment in the upstream oil and gas sector will be around 30 per cent below pre-pandemic levels according to Oil and Natural Gas Corporation (ONGC) Chairman, Subhash Kumar.

Delivering his speech at the 28th Annual General Meeting of the company, Kumar said, “Last year, global upstream investments sank to a 15-year low at $350 billion, as operators focused predominantly on conserving cash flows and protecting their balance sheets by cutting their expenditures. While investments are expected to increase by 3-4 per cent this year, it would still be around 30 per cent lower than pre-pandemic levels.”

“These developments, besides