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UAE Calls for Better Synergy Between Oil Producers and Consumers

DUBAI — Huge investments needed in the fields of research, exploration and production to develop new productive energies to meet world demand, call for integrated efforts and synergy between the producing and consuming countries, and the companies which conduct research and develop production technology, according to the UAE Minister of Energy Mohammed bin Dhaen 
Al Hamili.

“The producing countries have to assign a significant part of revenues to invest in research, exploration, and in establishing home technology, to ensure energy supplies to consuming countries, the minister told the 4^th International Petroleum Technology Conference, or IPTC, in Doha on Monday.

On the other hand, he added, the consuming countries have to ensure demand continuity, so these huge investments are justified, and not then turn into surplus productive energies.

“And the companies involved in technology development, also have to focus their efforts to develop this technology to increase extracted energy and rates of fields productions, while at the same time addressing the environment challenge and climate change. The cost of facing such challenges may be so costly if technology is not set to improve fuel specifications and to develop its consumption methods. “Petroleum, including both oil and gas, represents one of the world’s basic products. It is however, as you are aware, a depleted commodity. And modern technology in exploration and production fields, plays certainly a major role in prolonging our reserve life, and even in supporting exploration activities for further reserves,” he said.

“We should not forget that the percentage of oil production from reserves did not exceed 35 per cent in the past. Whereas, by virtue of the modern technology, it has gone up to 50-60 per cent, and according to many experts, it may even reach 80 per cent, if current technology is developed further.

“The fact that half of the used energy is lost during transforming to useful forms of energy, would make us perceive the major and vital role technology can play in improving usage as well as production efficiency.

“Taking into consideration the environmental challenges that accompany energy usage in general, then rationalising consumption, on one hand, and improving and developing technology on the other hand, contribute so efficiently in improving life quality on this planet we live on, as well as in maintaining petroleum wealth for future generation. “The world puts almost complete reliance on the fossil energy, which represents 80 per cent of the energy in use today. We have to address major challenges. This fact requires managing science and technology to make current energy more favourable for environment, and to develop alternative energy options to add more economic value to energy and to become safer and more sustainable.

“We should give most priority to the issue of energy and technology, to prolong fossil energy life, on the one hand, preserve environment, and be ready to face future challenges on the other hand,” the minister said.