(MENAFN) CEO of Crescent Petroleum and Vice-Chairman of the Crescent Group Majid Jafar said that oil and gas sector in the Middle East needs the private sector investment to support governments and national oil companies, according to Saudi Gazette.
The investment will be needed to meet the increasing demand on energy in the Middle East.
Oil and gas sector needs a total of USD1.6 trillion investment over the following quarter century to cover the regions demand on energy, that is USD65 billion each year.
Energy demand in the Middle East is expected to reach 15.5 million barrels oil equivalent per day in 2020, up from 12.5 million barrels oil equivalent per day in 2010.
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