Abu Dhabi: The oil and natural gas sector in the Middle East will require a total of $1.6 trillion of new investment over the next 25 years, according to a recent report, citing estimates of the International Energy Agency (IEA).
In a speech at the 2013 Oil & Money Conference in London, attended by regional energy ministers and corporate leaders from the international oil industry, chief executive of Crescent Petroleum, Majid Jafar, emphasised the need to provide incentives for investment and increased partnership between the public and private sectors to address the growing needs of energy supply in the Middle East Region, which now has the fastest growing energy markets in the world.
Jafar also highlighted the need to tackle energy subsidies, which are costing the Middle East North Africa region over $500 billion annually, according to the latest report by the International Monetary Fund (IMF).
The Middle East’s energy demand, equivalent to 12.5 million barrels oil equivalent per day in 2010, is forecast to expand to 15.5 million barrels of oil equivalent per day by 2020 and is set to reach 18.5 million barrels of oil equivalent per day by 2030, the report added.
