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Energy sector needs more investments
ABU DHABI — With the share of crude oil and gas in global consumption increasing to 53 per cent in 2009, there is a need for more investments in research, exploration and production in order to meet high demand, an oil conference held at the capital recommended.
The 16th annual energy conference entitled “The Oil Era: Emerging Challenges,” organised by the Emirates Centre for Strategic Studies and Research, or ECSSR, ended on Wednesday.
ECSSR Director-General Dr Jamal Sanad Al Suwaidi said that the last three decades have seen tireless efforts worldwide to find alternatives to fossil fuel energy and investment in renewable energy will help maintain reserves of fossil energy and protect the environment.
By 2035, the USA, Japan, European OECD countries, China and India will need to import more than 40 mbpd, which represents a 25 per cent increase on their oil requirements of 2005, Al Suwaidi said. “Some 25 per cent of the world’s population is deprived of electric power, which is considered as geopolitical ‘time bomb,’” he added.
“There is a need to increase domestic refining capacity and gas exploitation, as increasing domestic consumption may result in reduced exports over the next two decades, thereby reducing revenues.”
Any increase in the price of oil will reduce demand, but the reverse is not necessarily true, he said.
There is an urgent need for economic diversification in oil producing countries through investment in human capital. Producers must focus on reducing price volatility by investment in the oil sector and active participation in international policy-making processes.
It is no longer possible to significantly increase oil supplies owing to the drop in proven reserves and the increasing cost of production.
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