The world’s oil and gasfields are declining at a faster rate than previously thought, leaving the energy sector facing a costly battle to maintain output, the International Energy Agency said on Tuesday.
The IEA, an intergovernmental body dedicated to energy research and security, said it had analysed data from 15,000 oil and gasfields and concluded that production is growing more precarious because of an increasing reliance on shale oil and gas, where fields need continuous new drilling to maintain their output.
Fatih Birol, head of the IEA, said that since 2019 the oil industry has spent “nearly 90 per cent of annual investment” on oil and gas production, or around $500bn a year, simply to arrest the decline in existing fields.
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