London: The Chairman of Qatar’s Administrative Control and Transparency Authority (ACTA), H E Abdullah bin Hamad Al Attiyah, participated yesterday in the oil and money 2012 conference being held in London under the title,” Energy Strategies For Turbulent Times”.
Al Attiyah in his keynote speech underlined the importance of the strategic role of Qatar in facing the geo-political challenges in the Middle East under the wise leadership of the Emir H H Sheikh Hamad bin Khalifa Al Thani who is always seeking for ensuring economic and political stability in the region, which are considered the key factors for sustainable future growth .
Al Attiyah said: “The role of the Middle East in global energy stability is vital. It is currently responsible for about 30 percent of the World’s oil supply, and 15 percent of its natural gas output. Furthermore, nearly 55 percent of the world’s oil, and 40 percent of its natural gas reserves, are located in the Middle East.”
“As all of you have probably seen, recent economic forecasts (like the 2012 World Economic Outlook, IMF) estimate global growth in 2012 to be 305 percent. Some believe that this forecast is still seen as optimistic, and that the effects of the global economic crisis, and the Eurozone difficulties, continue to negatively influence many of the world’s leading economies”, he said.
He added: “However, despite the slow global economic recovery, worldwide energy forecast show an estimated increase of over 50 percent between now and 2035. Most of this demand growth is expected to be in non-OECD countries, led by China and India.”
Al Attiyah went on to say: “On the supply side, Opec oil production is expected to reach more than half of the world’s total in 2035. Gas from Russia, the Caspian Sea and Qatar, will account for more than 70 percent of global gas production in 2035.
The Chairman of ACTA said: “Nonetheless, the Energy Industry across the World is facing many challenges, The volatile geopolitical situation, The gloomy sovereign debt crisis in the Eurozone,The shifts in consumption from West to East, In addition to environmental challenges.
All these factors put more pressures on the investment that is needed to meet the increase in future demand.
Accordingly, a better understanding of the diversified challenges facing the energy industry is needed; and it requires a serious engagement and a firms commitment from all of us, in order to: Mitigate the risks, develop winning strategies, find sustainable solutions, and make appropriate investment decisions.
He called upon the industry leaders to “work in partnership, in order to reduce uncertainties, and take the necessary action to ensure stability in the energy markets”.
“In the remaining part of my speech, I would like to focus on the Environmental challenges that the industry must continue to address.
“Allow me here to put on my hat, as President of the 18th conference of Parties, to the United Nations Framework Convention on climate Change, and the 8th Conference of Parties, serving as Meeting of the parties, to the Kyoto Protocol, which is hosted by Qatar and will be held in Doha from the 26th of November to the 7th of December 2012. I would like to extend and invitation to all of you to attend, and actively participate, in this important conference’’, HE Al Attiyah said.
Chairman ACTA went on to say: “As you are all aware, the burning of fossil fuels produces greenhouse gases, which lead to accelerating global warming. A lot more effort, and collaboration, is needed in the areas of energy efficiency, cleaner fossil fuels technologies, as well as investments in renewable energy technologies, to help address the global challenge of rising greenhouse gas emissions.
“Global geopolitical developments have created concerns in the energy market. Such concerns translated to high volatility and rapid fluctuation.
“I am also aware of many other significant achievements, and ongoing efforts, in the oil industry, by may of you in this room, that are aimed at reducing the carbon footprint o the industry. And I invite you to share such achievements with the world at the upcoming COP18 in Doha”.
Nonetheless, there continues to be pressing need for further research and development, to address the need for sustainable and cleaner fossil fuel energy. We need to ensure the availability of adequate resources to support energy innovation, including the appropriate financial, human and regulatory frameworks, he said.
“Collaboration between the leaders of the industry, whether IOCs, NOCs, or regulators is needed , so that we can exert every effort, to address our environmental and social responsibility, and continue to develop new technologies and knowledge, for the sustainable development of fossil fuel energy”, he said.
The stability in global energy markets, is a common interest to all. Such stability requires dependable, cleaner and more efficient energy supplies, at fair prices, he added. Energy remains to be the single and most important engine and driver for development; and it is central to improvements in the quality of human life.