Energy industry underfunded – Igor Sechin

The energy industry is underfunded, stated Igor Sechin, Executive Secretary of the Commission under the President of the Russian Federation for Strategic Development of the Fuel and Energy Sector and Environmental Security, speaking at the Energy Panel during the XXIX St. Petersburg International Economic Forum.

In his report "The Beginning of the End or the End of the Beginning. What’s left at the Bottom of Pandora's Box," Sechin noted: "The illusion of an accelerated energy transition, along with the ignoring of energy security issues, has led to the underfunding of the energy industry in recent years."

He shared that, according to the estimate of the International Energy Agency (IEA), investments in fossil fuels have decreased by more than 20% over the past 10 years. At the same time, the majority of this drop fell on the oil sector, where capital expenditures fell by 35%.

According to Igor Sechin, this decline is part of a broader trend of reducing investments in industrial production. He drew attention to the persistence of the negative dynamics of this trend. "Last year, the volume of announced projects decreased by 8%," he summarized.

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Rosneft Oil Company
June 6, 2026