MANAMA: 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.
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 $7.3trn during the same period.
'Opec countries need, on average, to invest nearly $40 billion annually over the remainder of this decade and $60bn 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 More>>
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