Middle East requires $ 250 bn for gas development

Nov 24, 2003 01:00 AM

Development of natural gas infrastructure in the Middle East would require $ 250 bn during the next 30 years, according to a study conducted by experts and energy organizations, including OPEC, Mandil said.
"Much of the increase in Middle East gas production will go to exports outside the region," he said. "These are projected to soar from nearly 30 bn cm now to above 360 bn cm by 2030," he added.

As a result, the share of exports in total gas production will increase from around 13 % at present to 42 % in 2030. The gas exports will come mainly from Iran, Qatar Oman, United Arab Emirates and Yemen in the medium term, Mandil said. Iraq is also expected to emerge as a gas exporter by the year 2030, he said.
However, Mandil noted that foreign investment restrictions in many oil-rich countries like Kuwait, Mexico and Saudi Arabia persist.
"Readiness to open up the Saudi upstream has so far restricted to natural gas", he said.

In Iraq, oil production prospects are "highly uncertain," he said, while the pace of oil production growth is linked to security and to the pace of political stabilization of the country.
The energy study estimated that to raise Iraq oil production capacity to around 4 mm bpd by 2010 about $ 5 bn would be needed.

Source: ODJ Select
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