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Regional gas supply struggling to meet rapidly increasing GCC demand, says BP

The fast-growing economies of the GCC are facing looming energy shortages, that could be addressed through increased cooperation between resource-owning countries and International Oil Companies (IOCs)

  • Staff Report
  • Published: 16:12 April 8, 2008
  • Gulf News

Doha: The fast-growing economies of the GCC are facing looming energy shortages, that could be addressed through increased cooperation between resource-owning countries and International Oil Companies (IOCs), Steve Peacock, President BP Middle East and South Asia said.

He was speaking at the 16th Middle East Petroleum and Gas Conference - held 6-8 April in Doha under the Patronage of H.E. Abdullah bin Hamad Al Attiyah, Deputy Premier, Minister for Energy & Industry and Chairman of Qatar Petroleum.

"The trends we see in the Middle East are similar to other parts of the world – there are plenty of hydrocarbons, but they are becoming more difficult and more costly to extract, and unprecedented growth in demand means that supply is struggling to keep pace in some areas, especially for gas."

"This rate of demand growth and shortage of gas for power generation, dessalination and industrial feedstock is putting some national growth plans at risk."

"International oil companies, like BP, have significant global know-how in achieving ‘extraordinary recovery' from existing oil and gas fields; in developing "difficult gas", and in tackling carbon emissions."

"The challenge of closing the GCC energy gap presents an opportunity for governments and industry to work together in partnership."

"We can take best practices and processes developed from around the world and bring them to bear on specific national issues, in a way that is beneficial to all", said Peacock.

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