IEA Executive Director Claude Mandil said the agency's projection has been increased by US$3 billion from previous estimates because of higher costs.

"After 2010, investment will be the key driver" in determining how long current high energy prices persist, Mandil told attendees at the Deloitte Oil & Gas Conference in Houston.

"Will (investment) be high enough?" More than half the US$20,2 trillion total, US$11,3 trillion, is needed to expand electric production to meet worldwide demand, Mandil said.

An investment of US$4,3 trillion, or 21 per cent of the total, is needed to meet growing demand for crude oil; US$3,9 trillion is needed for natural gas exploration and production.

Coal production will need investment of US$600 million and biofuels will require US$100 million, IEA said.

"There is a strong need for investment in this scenario, but I'm not sure this investment will come," Mandil said.

Nampa-Reuters

Marketplace News Headlines Of The Last 48 Hours

•  Financial meltdown knocks global factories
•  Tensions brew over EU's vetting of state aid to banks
•  DBN assistance paves way for women
•  China urges developed states to take lead in climate change
•  Bridgestone puts on the brakes at US plant Japanese firm will cut jobs and stop making tyres
•  Price transparency for Nam's telecoms sector
•  Consumer debt affects health
•  The mantra of the big guns and the cries of the back streets
•  SA mining unions call for halt to new lay-offs
•  Polytechnic receives financial boost
•  Nam moves to get ban on exports to SA lifted
•  BEE firms in SA must bail themselves out, say black managers
•  Maputo remains optimistic about foreign aid flows
•  US$500m biofuels project wants Mozambican labour to produce ethanol
•  Union asks leaders not to back down on aid for decent work
•  House market will worsen in South Africa, says Absa
•  Fortescue shares surge on bid rumours by BHP and China
•   Chinese manufacturing drops sharply
•  Ryanair makes new takeover bid for Aer Lingus