Oil Companies ‘Underinvesting by Up to 20%’

Energy companies are underinvesting in new oil and gas production capacity by up to 20 per cent according to the International Energy Agency, the developed world’s energy monitor.

The comments follow a warning by Claude Mandil, IEA executive director, this week that the world was not investing enough in new energy supplies.

Energy industry executives said the IEA was becoming more vocal about its concerns after companies had ignored earlier pleas by the watchdog for more investment.
FT.com