Monday, at the World Energy Congress to be held September 9-12, Majid Jafar, CEO of Crescent Petroleum, said the future of the Middle East and North Africa economies is based on the development of natural gas. Crescent Petroleum is the largest and largest privately held oil and gas company in the Middle East.
This was done, specifically, during a panel discussion on the role of gas in the transition to a low carbon economy in the MENA region.
“As countries in the region build their economies with non-oil policies and reduce their carbon footprint, natural gas to generate electricity and fuel industry has become a central part of economic plans,” he said. he indicates.
It must be said that for years, producers in the region have prioritized oil and flared gas as an undesirable by-product of oil. In the region, gas resources were also ignored because they were considered to have marginal value. But over the last 20 years, gas exploitation has risen slightly, driven by stronger aggregate demand. However, production remains marginal compared to potential.
According to Jafar, despite the abundance of gas resources in the region and soaring gas demand, geopolitical issues, lack of infrastructure and low gas prices hinder the development of fuel in the region MENA. This calls for more investment for better monetization of gas.
Today, the big paradox of the MENA region, according to the official, is the import of LNG and other forms of gas from other parts of the world, although more than half of gas is within the boundaries of the region.
Countries in the region are now becoming increasingly aware of the potential of gas for their economies, and policies have recently emerged to encourage the exploration and development of national gas resources in the region.
Source: Agence Ecofin