New investment models are required to encourage optimal development in MENA oil and gas sector, said Majid Jafar, CEO of Crescent Petroleum, during the OPEC Seminar in Veinna
He further added that MENA can be an important partner in oil and gas development to boost competitiveness in the industry.
More than 750 participants were present in the seminar to discuss the global energy outlook, market stability, oil investments, technology and the state of the world economy.
Jafar said, “The region needs at least US$320bn in investment over the next five years, and the private sector can be an important partner in this effort. The Middle East has over half the world’s proven oil & gas reserves but represents only a third of the oil market and a sixth of the gas market today, so we have yet to fulfil our potential as a region.”
“The Middle East is a major source of the world’s proven gas reserves and is also becoming a key consumer of both oil and gas. Our prosperity is incumbent upon our ability to anticipate and respond to the dramatic changes in world energy demand,” he concluded.
