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FOSSIL FUELS KEY SOURCE

Dr Mirza with senior GPIC and Banagas officials
at the event

Global energy demand likely to surge by 60pc

MANAMA, December 8, 2014

Global energy demand is expected to increase by 60 per cent till 2040, with fossil fuels remaining the main source, Energy Minister Dr Abdulhussain Mirza said yesterday (December 7).

Quoting the Opec 2014 report, Dr Mirza said oil-related investment requirements would reach $10 trillion between 2014 and 2040, and the extra capacity is estimated at $7.3 trillion during the same period, said a report in the Gulf Daily News (GDN), our sister publication.

“Opec countries need, on average, to invest nearly $40 billion annually over the remainder of this decade and $60 billion annually in the long term,” the minister said in his address at the opening of the third Middle East Maintcon 2014 Conference and Exhibition at the Gulf Hotel's Gulf Convention Centre.

Noting that the industry oil and gas was constantly evolving, Dr Mirza said it was encouraging to see operational efficiency further strengthening procedures.

Organisations that understand their risk profile and take concrete action to mitigate risks will be better positioned to succeed in the marketplace, he added.

The minister said maintenance has played an important role in the past few years, which was most pronounced in plant operation and averting total collapse through preventive, predictive and proactive maintenance, which is designed to extend the useful age of equipment.

He said there was an urgent need for safety tools with high technical quality to match the continuous development of the global oil market, taking into account the diversity of the new trends as well as the changes in applicable rules and regulations in the vital field.

Urging stakeholders to take advantage of the research papers presented during the conference sessions and from the technology and equipment displayed at the exhibition, Dr Mirza said such events provided a unique opportunity for companies in the Gulf and elsewhere to recognise the industry requirements in the region and get introduced to the latest research, inventions and technology in the field.

The event is organised by Gulf Society for Maintenance Professionals (GSMP) and Bahrain Society of Engineers (BSE), supported by the Global Forum for Maintenance and asset management in collaboration with the National Oil and Gas Authority (Noga).

Participants include Saudi Aramco, Kuwait Petroleum Corporation, Flow Serve, Yasref, Sadara, Adnoc, Zamil, Al Abdul Karim Holding, AHSTCO, Alba, MCSC, Petroleum Development Oman, Bapco, Gulf Petrochemical Industries Company and Banagas.

Maintcon 2014 concludes on December 10. - TradeArabia News Service




Tags: Energy | increase | demand |

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