Now the International Energy Agency (IEA) has predicted that overall investment requirements worldwide in oil, gas and electricity will total over $16 trillion by 2030.

The forecast came from the IEA's latest World Energy Investment Outlook report which has also estimated that investment needs in the international oil industry will average $US103 billion a year, but will increase steadily through the period as world oil demand increases.

Despite its rapid growth and bullish market even the massive Russian oil, gas and electricity sectors have been told that at least $US1 trillion dollars will need to be spent by 2030 in order to keep step with the growth in global demand.

The IEA said Russia would need to invest up to $US328 billion in its oil sector over the next three decades along with $US377 billion in the electricity sector to update generation, transmission and distribution assets, assuming a global electricity demand growth of 2.4% per year.

Exploration and development will continue to dominate global oil-sector investment and account for over 70% of the total figure between 2001-2030, the report says.

Meanwhile investment in the global natural gas industry will average $US105 billion per year over the next three decades to meet a near doubling in demand for the fuel.

The investment will be needed to provide around 300 billion cubic meters of new gas production required to meet surging demand as countries continue to search for alternate sources of fuel.