MUSCAT – QNB Capital, an affiliate of Qatar National Bank, reported that the Middle East region has around 42 trillion cubic meters of gas to benefit from. The report said Qatar has the GCC's largest gas wealth of nearly 25 tcm, the world's third after Russia and Iran. Furthermore, Saudi Arabia has nearly 7.5 tcm of gas resources, the UAE has 7 tcm and Kuwait has 3 tcm. The International Energy Agency (IEA) reported that the expected Middle East gas consumption would rise from 389 billion cubic meters (bcm) in 2011, to 468 bcm in 2017. However, this 79 bcm of additional gas supply forecast is contingent on the successful development of relatively expensive new gas fields. According to the International Group of LNG Importers, despite a global economic downturn, LNG trade volumes grew by almost 10 per cent in 2011, with global output reaching 240.8 million tons. These global statistics illustrate that if the Middle East develops its gas sector, the region can benefit significantly whilst reducing each country's overwhelming dependence on oil. Against this backdrop, the eighth annual Gas Arabia Summit will be held on Dec. 2-5, 2012 in Muscat. Organized by the Energy Exchange, the event is co-hosted by Oman Gas Company, Oman LNG, BP and Petroleum Development Oman and sponsored by TOTAL, OMV, Honeywell and UOP. The 2012 Gas Arabia Summit will focus on the entire gas sector including two days dedicated strictly to developing unconventional gas and reducing gas flaring respectively. Last year, Sultan Chatila, regional marketing director for UOP, said: “Gas Arabia is a key event for gas upstream and downstream interaction at the executive level." – SG
