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    Gulf States to Award $68bn Worth of Gas Contracts

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Summary

GCC states, particularly the UAE, Qatar and Saudi Arabia, plan to award contracts worth nearly Dh250 billion ($68 billion) during the next five years to raise gas production.

by: Shardul

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Asia/Oceania

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Gulf States to Award $68bn Worth of Gas Contracts

GCC states, particularly the UAE, Qatar and Saudi Arabia, plan to award contracts worth nearly Dh250 billion ($68 billion) during the next five years to raise gas production, Gulf News said citing latest report by Deloitte.

“Although oil is still projected to remain the primary fuel, significant advancements in technology will cause natural gas to overtake coal as the number two fuel source,” Deloitte’s white paper titled ‘Middle East Energy and Resources: Managing scarcity for the future’, said.

The region’s gas demand is slated to overtake oil demand after 2025, with 50 per cent of all energy demand coming from gas in 2040, Gulf News quoted from the reported.

With the nature of oil and gas production diversifying, strategies shifting to the unconventional, and an unprecedented rise of energy demand globally, research and development (R&D) will play a crucial role in the longevity of the industry, the report said.

 

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