Bahraini Official Comments on Energy Demand
The Ninth Middle East Geosciences Conference and Exhibition (GEO 2010) comes at a time when recent predictions suggest energy demand worldwide will grow and drive up prices in the industry. "We have already seen signs of economic recovery in some countries which should signal the return of the ever increasing demand for energy resources," Bahraini Oil and Gas Affairs Minister and National Oil and Gas Authority Chairman, Abdulhussain Mirza, said at the opening of the conference.
"Demand in China, India and Brazil will continue to rise significantly in the next 20 years, driven partly by rising personal incomes in these countries and the demand for greater personal mobility. "This factor, in addition to others, will likely drive the oil and gas price upwards in the next two decades... It is clear that the world can use all the energy the industry can produce from oil, natural gas and alternative energy sources," he said.
"It is also clear that, for the next few decades, oil and gas will continue to be the primary energy source. The energy industry will have to continue increasing the supply of hydrocarbon fuels to meet global energy demand... the development of new oil and gas supplies will require substantial investment in technology, human resources and the creation of the proper business environment... this will require advancing the co-operation between international and national oil companies and host governments and the collaboration with service companies for finding innovative solutions to the currently faced technical challenges."
He said there were ample hydrocarbon resources to meet demand but that the industry would have to look to oil and natural gas volumes located in unconventional reservoirs such as heavy oil, oil shales, tight gas reservoirs and gas shales which were much bigger that what has been produced so far from conventional reservoirs. "More focus on mature fields is needed and possibly re-engineering the entire field is required to increase and accelerate production and to identify bypassed reserves," he added.- Gulf Daily