The head of oil giant Total on Monday warned that there could be an global oil shortage by 2015 if fresh investment was not made in the sector soon.

Talking to the BBC, Total chief executive Christophe de Margerie said, "Too little had been spent trying to tap into new oil reserves because of the economic crisis. The world could face a shortage of oil because of underinvestment."

Christophe de Margerie urged the world governments to step up investment in oil production to deter an oil shortage, warning that prices could hit $100 a barrel from their current level of around $70.

"If we don't move [now] there will be a problem," de Margerie said. "In two or three years it will be too late," he added.

"The reserves of oil are there, but if you don't invest they don't come on the market," de Margerie stated.

"What we have to decide today is production for 2010-2015. So in between we might be faced with insufficient oil to meet demand."

He said the major oil producing countries, which have cut production in the face of falling demand and to protect prices, could not be blamed for the underinvestment.

"You cannot ask those countries who are also facing a crisis to continue to invest for a potential recovery of demand, and to do this for the benefit of the world," he pointed out.

"I think it is our role to... force people in charge of our countries to think about this concern we have," Christophe de Margerie added.