Mena energy spend to hit $1 trillion
Manama, November 12, 2013
More than $1 trillion of investments are needed by 2030 to meet demand for gas and electricity in the Mena region, according to analysis by IHS.
Sharing its perspective during Abu Dhabi International Petroleum Exhibition and Conference (Adipec 2013), IHS said soon nearly 50 per cent of Mena's economic growth will come from the GCC states, reported the Gulf Daily News, our sister publication.
Demand for natural gas in GCC countries will rise more than 50 per cent by 2030, from 256 billion cubic metres in 2011 to 400 bcm in 2030.
At the same time, demand for oil from the GCC will also grow by more than 50 per cent by 2030, from around four million barrels per day (bpd) to more than 6.2m bpd.
"Recent political events in Egypt and geopolitical developments in Iran are unlikely to change the need for investment in the Mena region," IHS Energy director Leila Benali said.
"On the contrary, leaders in the region want to keep the oil and gas flowing, keep the lights on and their economies growing.
"Their ability to make these vital investments depends on their ability to diversify their economies and adapt to the global energy revolutions."
Today the GCC delivers 60 per cent ($1.6trn) of all economic activity in the Middle East. – TradeArabia News Service