As demand continues to increase, the global oil industry needs to look for another North Sea or Iraq to meet the shortage of supply, says Majid Zafar, CEO of Crescent Petroleum. The problem of underinvestment lies in the image of the oil industry developed over the years.
People think that it is dying and not pivotal anymore even though it meets two-thirds of the global energy needs as compared to three per cent by the renewable resources.
Source: Oil Price