The Prime Minister and Foreign Minister H E Sheikh Hamad bin Jassem bin Jabor Al Thani addressing the Brookings Doha Energy Forum yesterday.
DOHA: The Prime Minister and Foreign Minister H E Sheikh Hamad bin Jassem bin Jabor Al Thani has said that Qatar is seeking to develop a joint international gas transportation network that would link the Middle East with Southern Europe.
Addressing the opening session of the Brookings Doha Energy Forum 2013 here yesterday, the Prime Minister said the idea behind developing the international transportation network emerges from the fact that Qatar is a top global gas exporter and its commitment to stabilise the global commodity market.
Sheikh Hamad bin Jassem called on all producing countries, both the members of the Organisation of Petroleum Exporting Countries (Opec) and non-members, to coordinate with consuming countries and have a better idea about the future energy demands.
The Prime Minister said the issues to be debated at the Doha Energy Forum are key for both the producing and consuming countries. He added that the global demand for gas is fast increasing compared to oil. International Energy Agency (IEA) studies have already found there is a growing demand for gas across the world.
The global demand for natural gas is set to double within the next thirty years, triggered by a number of reasons including a steady growth in population, growth in electricity generation supported by gas and a decline in reliance on nuclear power. He said projections indicate increased demand by Asian countries for energy sources in 2015, especially China and India.
China’s demand is expected to increase by a third and India by three folds over the current demand. According to estimates by the IEA, he said, the global demand for gas will increase by 50 percent in 2035 to up to 8.4 trillion cubic meters per year.
At least half of this increase will be met from non-conventional sources of gas, especially in the US and China. The US ‘shale revolution’ will have a significant impact of the energy market.
The prime minister said the shale discovery is set to redraw the global energy map of the last 50 years.
The growing global investment in the energy production sectors is a strong indication of a huge future demand.
Citing recent industry data, the prime minister noted that the energy companies are currently spending an estimated $90bn in the exploration operations compared to $21bn just five years ago. Australia is spending about $183bn for its gas export projects alone.
The global control on oil and gas resources helps countries to influence the global politics in a big way. Citing US president Barack Obama’s recent interview with the Time magazine he said Obama stated ‘the US’s self-reliance in oil and gas will give it more leeway to talk with the Middle East’.
The Peninsula
