Energy Supply Requires $40 Trillion Investment to 2035, IEA Says

Meeting the world’s energy supply needs by 2035 will require $40 trillion of investment, as demand grows and production and processing facilities have to be replaced, the International Energy Agency said.

More than half of that amount will be needed to compensate for declining output at mature oil and gas fields, and the remainder on finding new supplies to meet rising demand, the Paris-based agency said in a report today. The world will increasingly rely on countries that restrict foreign companies’ access to their oil reserves, as North American shale output tails off from the middle of next decade, it predicted.