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Abu Dhabi 09-09-2019
Natural gas is the fuel of the future for Middle Eastern economies, said Majeed Humaid Jafar, CEO of Crescent Petroleum, based in Sharjah, during the 24th World Energy Conference, which kicked off today in Abu Dhabi.
Jafar said during a special panel discussion entitled “The role of gas in the transition to a low-carbon economy in the Middle East and North Africa” that while the countries of the region seek to promote the policy of economic diversification by increasing attention to non-oil activities in the national economy and reduce the footprint The development of natural gas to generate electricity and fuel the industry has become a cornerstone of the region’s economic development plans.
He added that the natural gas associated with the extraction of oil over the decades is being wasted by oil and gas producers as an undesirable oil derivatives or were leaving natural gas resources neglected in the ground in light of the fact that they were not of great importance to them, but those days may The gas has gone from a wasted by-product to a precious commodity as important as electricity in its support of economic growth.
He pointed out that despite the abundance of gas resources in the region and the increasing demand for them, a number of factors related to geopolitical conditions and lack of infrastructure and low gas prices have hampered the production and development of gas despite the increasing demand.
He added that these factors have led to a paradox that the countries of the Middle East and North Africa import liquefied natural gas and other forms of gas from other parts of the world, although more than half of the gas supplies worldwide are located within those countries. The governments of the Middle East are taking steps to encourage exploration and development of domestic gas resources.
He explained that the private sector in the region, including regional companies such as Crescent Petroleum, can play an active role in the development of these resources, noting that such reforms should be carried out within the framework of a policy of transparency governing the pricing process, while providing incentives to encourage exploration and production and support the structure Infrastructure necessary for production processes in order to achieve the desired results.
Jafar said: Since the establishment of Crescent Petroleum in 1971 and based on our understanding of the requirements and needs of the Middle East, we have been promoting clean energy resources and support sustainable development through the region’s human and technical resources to overcome the challenges facing the energy industry and then achieve growth The desired economies of the region.
The meeting was attended by HE Tarek El Molla, Minister of Petroleum and Mineral Resources of Egypt, Yuri Centurin, Secretary General of the Gas Exporting Countries Forum, Fatima Al Nuaimi, CEO of ADNOC LNG, and Oliver Le Bosch, CEO of Schlumberger Limited.
