Conference to discuss ways to secure energy supplies

Abu Dhabi: The security of Arabian Gulf's energy supplies remains a top priority for all energy consumer and producer nations, organisers of a conference on Gulf energy security have said.

Substantial emphasis has been placed in recent years on the topic of energy security in consumer nations, but little attention has been paid to the concerns of energy producers. Therefore, this year's conference will seek to fill this gap, organisers said.

"The conference themed ‘Energy Security in the Gulf: Challenges and Prospects' will seek to contribute to the understanding of energy security from the Gulf states' perspective by examining the region's respective roles as both a major global energy producer and a fast-growing consumer facing increasing local energy demand and seeking to diversify its energy sources, mainly through renewable and nuclear sources,' said Dr Jamal Sanad Al Suwaidi, director-general of the Emirates Centre for Strategic Studies and Research (ECSSR), in a statement read on his behalf by Abdullah Hussain, executive director of the ECSSR.

GCC countries controlled 40 per cent of the world's proven oil reserves at the end of 2008, according to figures appearing in the BP Statistical Review of World Energy June 2009.

Al Suwaidi added that the conference, which will be held on November 16 to 18, also aims to explore the major challenges and prospects for the Gulf in charting a roadmap for secure energy future, both as producer and a consumer.

A recently released report by the Dubai International Financial Centre Authority valued the GCC's oil reserves at $18.3 trillion (Dh67.21 trillion) — a value larger than the gross domestic product (GDP) of the United States.

In addition, GCC states accounted for 8 per cent of global natural gas production in 2008. More importantly, GCC countries hold about 23 per cent of gas reserves.

The hydrocarbons sector largely stands behind the GCC's financial capability. The latest available statistics put the value of sovereign wealth funds of GCC states at $1.5 trillion.

Per capita income

The UAE stands out by virtue of accumulating an extraordinary $875 billion. Also, with a per capita income of $74,882 per annum, Qatar is ranked number third worldwide on the income index. Again, credit is reserved for progress made in the petroleum sector.

Al Suwaidi said the conference will begin with an assessment of the impact of the global economic crisis on the energy market and on energy policies.

Energy matters