Lack of oil and gas investment could be serious issue, warns IEF’s McMonigle

Secretary General believes linear and ideal forms of energy transition will be difficult to achieve especially with false narratives around peak oil demand

The International Energy Forum (IEF) has been warning that continued investment in new oil and gas will be required to avoid significant supply-demand imbalances, given the natural decline rates of existing production. The warning signs are getting bolder every day, IEF Secretary General Joe McMonigle points out in an interview with Petroleum Economist. In an August report titled Shaping a Living Roadmap for Energy Transition the IEF engaged with a wide spectrum of stakeholders around the world and these voices said that without new investment, existing oil and gas output could decline by more than 75% by 2050. It added that ensuring adequate oil and gas investments while recognizing that de