Global oil upstream investments required over the period 2018–2040 are estimated at $8.3 trillion, OPEC said, adding that most of this would be in non-OPEC countries.
Over the medium-term, non-OPEC countries are estimated to invest on average around $350 billion per annum, while the medium-term number for OPEC member countries is an estimated average of more than $40 billion per annum and then over $60 billion annually in the long-term.
Average annual long-term upstream investment requirements for non-OPEC are forecasted to decline to around $280 billion on the back of declining crude supply, OPEC noted.
- Downstream investments to total almost $1.5 trillion
The total investment volume of the three downstream categories – known projects, required additions and maintenance-capacity replacement – is estimated at just under $1.5 trillion in the period 2018–2040, according to OPEC report.
"Of this, $283 billion is expected to be invested in known medium-term projects, while $306 billion is anticipated to be invested into additions beyond known projects in the long-term," it said.
OPEC projected that the investment requirement for maintenance and replacement will be at around $895 billion for the whole period 2018–2040.
Also, including midstream investments of around $1 trillion, in the period up to 2040 the required global oil sector investment is estimated at almost $11 trillion.