Middle East and North Africa asked to invest in oil and gas infrastructure

Jan 09, 2012 12:00 AM

The Middle East and North Africa region will be asked to invest over $ 100 bn every year as part of expected global needs to build oil and gas infrastructure to meet the expected demand in 2035, according to Abdullah bin Hamad Al-Attiyah Qatari current President of Qatar’s Administrative Control and Transparency Authority.
“Close to $ 20 tn will be needed in order to build the global oil and gas infrastructures requested to meet the expected demand (on oil and gas) in 2035,” Al-Attiyah told audience of the 3rd Gulf Intelligence Forum in Abu Dhabi citing the International Energy Agency (IEA) Outlook.

“Energy investments are a long-term proposition, both in terms of the lead times involved in construction and in the life of the productive asset. Given this, it is vital that transparency exists in the market and that investors have sound information upon which to make decisions."
"Better data and forecasts will reduce disruptive energy price fluctuations; this will ultimately benefit both producers and consumers of energy products,” the Qatari official added.

According to the International Energy Agency, energy demand in Asia will almost double by 2035 while consumption in the OECD will remain almost constant. Non-OECD countries lead the growth in energy consumption.
Their rapid economic development is expected to outweigh energy efficiency gains resulting in an overall increase in energy demand. At the same time, even though hydrocarbons remain the dominant source of energy, the energy mix gradually shifts away from oil and coal while natural gas and renewable energies gain market share, Al-Attiyah noted.

A close and loyal relationship between the national oil companies and the international oil companies is, according to Al-Attiyah, a requirement to ensure success in multi-billion dollars projects spreading over many years, he remarked.
“It remains clear that fossil fuels will continue to be the centre piece of the energy equation for several decades to come,” Al-Attiyah further said.

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