'Middle East needs $1trillion worth of energy investments'- IHS
More than $1 trillion of investments are needed by 2030 to meet demand for gas and electricity in the Middle East and North Africa (Mena), 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.
Demand for natural gas in GCC countries will rise more than 50pc 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 50pc 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.
Today the GCC delivers 60pc ($1.6trn) of all economic activity in the Middle East.
- How a terminal is standing in the way of Egypt's ambitions to restore its gas industry
- A glimpse of normalcy: how the restarting of the El-Sharara oil reignited hope for the Libyan economy
- Wishful thinking? US shale revolution won't affect the Middle East, says second opinion
- With the US about to become a net exporter, is the ME’s crude oil on its way to dispensablity?
- Adding fuel to the fire: how Egypt's prime minster is seeking to justify subsidy cuts
- Middle East and North Africa countries urged to invest in oil and natural gas sectors
- MENA's energy future requires $145.7b in investments
- UAE minister: Region needs $750 billion investment to boost energy output capacity
- Middle East to lap up renewable energy
- 2035 global energy demand will need $20tr investment