Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    7,523 violators of residency, labor, and border security laws deported in a week    Video contradicts Israeli army account of deadly March 23 strike on Gaza paramedics    Saudi Arabia spends over $241 million to implement de-mining projects in 3 countries    Italy's Meloni government approves controversial security decree expanding police protections and penalties    Egypt submits new Gaza ceasefire and prisoner exchange proposal: Report    'Everything is possible' — Ronaldo focused on titles, not 1,000-goal milestone after Riyadh Derby win    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    King Salman Global Academy for Arabic Language launches program with Indiana University    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Global energy demand set to increase by 33%
Published in The Saudi Gazette on 11 - 03 - 2013


Mahmood Rafique
Saudi Gazette
MANAMA — Global energy use is set to expand by 33 percent between 2011 and 2035 with an average growth rate of 1.3 percent per annum, said Sheikh Ahmed bin Mohammed Al Khalifa, Minister of Finance, Minister in Charge of Oil and Gas Affairs, Bahrain.
Sheikh Ahmed, who opened the four-day 18th Middle East Oil and Gas Show and Conference 2013 (MEOS 2013) Sunday (March 10), said that the retreat from nuclear energy in some countries, in the aftermath of the Fukushima incident, led to a rebalancing of the energy mix towards fossil fuels.
The minister said that according to the estimates of APICORP, the investment arm of the Organization of Arab Petroleum Exporting Countries (OAPEC), the MENA energy capital investment for the period 2013-2017 will reach $740 billion.
Of this figure, he added, one third would be dedicated to the power generation and transmission sector.
“The GCC countries show the biggest growth representing 43 percent of the investment of the entire MENA region,” he said.
Quoting the latest World Energy Outlook of the International Energy Agency (IEA), the minister said that the current economic difficulties facing the world have not materially changed the market's long-term outlook.
“The shift in energy especially gas and reliance on fossil fuels will continue to dominate for the foreseeable future with China, India and the Middle East accounting for more than half of the incremental energy demand to 2035,” he said.
Over 2,000 delegates from across the world will be part of the event during which the experts will discuss the challenges and opportunities in the oil and gas sectors during the sessions to be held under the title “Transforming the Energy Future.”
“MEOS is transformation and I believe the biggest challenge facing us today is not the managing of the process of change, but adapting to the accelerated rate of change that will shape our industry during the next decade. In order to adapt we will need to introduce new methods of thinking and new work processes, which will ensure we can meet the challenges faced by society in general and the energy sector in particular,” Sheikh Ahmed said.
“More recently, in its update of the World Economic Outlook, the International Monetary Fund (IMF) predicts that despite temporary setbacks, the world's economy will grow by 3.5 percent this year and by 4.1 percent in 2014.”
“The economic indicators produced by two of the world's most influential institutions have significant impacts on our industry, especially with respect to the need to address some of the changes needed to sustainably grow our industry and the world's economy. The ‘game changers' that potentially can have the greatest impact on the way our industry operates will occur mostly in “non-conventional” fuels, renewable energy and in energy efficiency measures,” he further said.
“Focusing briefly on renewable, statistics recently released by the Frankfurt School-United Nations Environment Program Collaborating Centre study indicate that global investment in renewable increased by 17 percent in 2011 reaching $257 billion. All of the GCC member countries have ambitious targets to increase the share of renewable in their energy source mix by 2020,” he said.
“The third game changer relates to the implementation of ‘energy efficiency measures' where the greatest opportunities lie in implementing policies that promote energy conservation and mandate energy efficiency policies. The IEA ‘Efficient World Scenario' indicates that implementation of ‘economically viable' efficiency measures could reduce the projected incremental demand for energy by 50 percent,” the minister added.


Clic here to read the story from its source.