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Financing petroleum products is a future challenge

offshore oil and gas central illustrative picture

Most oil and gas reserves are located in develo- change paradigms and recognize the consequen-
ping countries and significant discoveries are ces of our actions to find sustainable solutions.
still being made. However, they are facing impor- Some studies in the 1990s predicted O/G use
tant challenges ahead. A growing number of fi- would increase in the developing countries and
nancial organizations are looking away from in- decline in the developed countries between 1998
vesting in new projects due to the global shift to- and 2010.
wards cleaner renewable sources of energy. Oil would be used primarily for transportation in
Meanwhile, those new oil/gas discoveries will re- the “West”. In light of today’s reality, we are wit-
quire significant investments. The energy de- nessing the boom of electric cars. The automobi-
mand is growing at a very fast pace in developing le industry is making every effort to transition
countries and is undeniably one of the most im- quickly and this will have a huge impact globally.
portant keys for development. There will be no It will have an enormous impact on the automo-
industrialization without reliable sources of bile industry even in this part of the world.
energy and no development without industriali-
zation. Understanding this correlation is a nece-
ssity for the future of the world. Conversely, a
misdiagnosis of the situation will have catastrop-
hic consequences in the future. Often, we fail to
correctly assess the impact that each sector can
have on “World Security”. Tackling certain issues
like poverty, immigration, security needs to be
done in the way we solve major issues. We must natural gas tank, illustrative picture

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Perspectives 58