Hamli for more energy investment

The Minister of Energy, Mohammed bin Dha'en Al Hamli, stressed the importance of channeling large investments in research, exploration and production sectors to build new production capacities of oil and gas.

During the opening of the 16th Annual Energy Conference 'The Oil Era: Emerging Challenges' that started on Monday and will last until November 10, Al Hamli pointed out that the  per capita share of crude oil and natural gas as primary energy source globally, almost reached 53 per cent in 2009.

Al Hamli, in his speech that was given on behalf of him by Nasser bin Mohammed Al Sharhan, Director General of the Ministry of Energy, assured the importance of interaction between oil and global economy, whereas the growth in global oil demand in 2010 has reached about 3.1 million barrels per day, driven by economic stimulus plans that led the growth in the first half of this year.

He noted that the world's almost full dependence on fossil energy, which represents about 80 per cent of primary energy used in the present time, puts us all in front of great challenges. He added that new and renewable energies represent only from nine to 10 per cent of global demand for primary energy sources at this time.

The conference will focus on a variety of topics, including: world energy demand and the GCC producers; the future of oil as a staple energy source: key drivers of change in the energy industry; oil geopolitics; oil outlook and challenges; oil market dynamics and the global economy; and energy efficiency and climate change mitigation. The conference will end with conclusions and policy recommendations relating to oil and gas, nuclear power, renewable, and the energy mix.

Organisers hope that the energy platform will play a central role in the development of sound strategies with which to face the vital issues under discussion.

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