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Supply and demand gap for natural gas widening in ME
ABU DHABI — Middle East, the world largest producer of natural gas, will not be able to export the product within next 10 to 20 years due to growing domestic demand and energy subsidy policies, a conference was told in the capital.
Addressing the sixth annual meeting of Gas Arabia Summit in the capital, international and regional oil and gas industry experts said the supply and demand gap for natural gas is fast growing in the region, particularly in producing countries like UAE, Qatar, Kuwait, Saudi Arabia and Iran.
The experts also advised these countries to explore more clean and alternative energy sources to maintain their exports in the future.
Ieda Gomes, Head of New Ventures at BP Asia and Middle East, said: “There is no gap in the supply and demand generally, but if we look it at a microscopic level, we see the gap growing.
“The gap between supply and demand for energy, particularly for gas, is set to grow in the Middle East region from now till 2030.”
She further added Middle East countries’ demand for gas is to grow more than five per cent annually. “This also shows most of the ME countries will lead the gas consumption growth to 2030,” she said.
Gomes further added power generation and industries will be responsible for this growth in the region, while more than 70 per cent power plants that are being developed worldwide between 2011 and 2017 will run on gas, further increasing he demand for the natural gas.
The reduction and consumption of the natural gas, she added, may be 15 per cent compared to the base case that is 2030 “because of the countries are going for cleaner fuel”.
Another speaker, Hatef Haeri, Founder and CEO of ICG Group of France, said to assure continued exports in the future, Middle East countries need to remove subsidies on energy consumption.
“The price of energy is so cheap that there is no sense to reduce consumption — and it will go on like this. Countries like Iran and Saudi Arabia were the first to give subsidies in power consumption, followed by other Middle East countries like UAE, Kuwait and Iraq,” Haeri said.
“This will be big challenge for these countries to ever export gas to the rest of the world.”
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