(MENAFN- Khaleej Times) 20th Annual Energy Conference discusses recent advancements in international energy market such as the development of unconventional resources.
Suhail bin Mohammed Faraj Al Mazrouei at the Annual Energy Conference in Abu Dhabi on Tuesday. — Supplied photo
Conventional energy sources such as oil and gas and emerging unconventional sources are not competitors but rather complementary to meet future demands experts agreed at a conference in the Capital on Tuesday.
Speaking about the energy trends at the opening day of the 20th Annual Energy Conference experts noted the recent advancements in international energy market such as the development of unconventional resources shale gas and shale/tight oil in particular — the so-called ‘shale revolution’ in North America.
“Our view in this field is that they are complementary… the emergence of shale oil and shale gas is complementary to conventional oil and this harmony between them will remain in the future” said UAE Minister of Energy Suhail bin Mohammed Faraj Al Mazrouei.
According to Abbas Ali Al Naqi secretary-general of the Organisation of Arab Petroleum Exporting Countries (OAPEC) energy demand is expected to rise by 52 per cent over the period between 2010 and 2035. “With this regard there’s clearly room for all kinds of energies” Al Naqi pointed out.
“Oil is expected to remain the main energy source with the largest share although its overall share may decline from 32 to 26 per cent. The share of natural gas however is expected to rise from 21 to 26 per cent. Coal share remains stable at around 27 per cent.”
Renewables (wind solar and geothermal) meanwhile are expected to grow at about eight per cent as a result of government support and incentives.
“Renewables’ share in the energy mix is expected to be at 3.5 (per cent) by the year 2035. Many Arab countries are planning a substantial hike in renewable energy capacity due to the availability of resources. However renewables can only complement rather than substitute the natural carbon and fuels.
“So all these kinds of energies are complementary not alternatives. We are not talking about substitute it is complementary because there’s future demand in all kinds of energy” he stressed.
Yousef Al Ali associate director of Clean Energy at Masdar said that renewable energy is a “vast and large industrial commercial sector” with an international investment reaching $250 billion in 2003.
He noted that demand for electricity and water is expected to double by 2030 thus demand for oil and gas will also double.
“We are expecting that by 2030 most plants will be using gas so the demand and consumption for gas will exceed the double of the quantity used today.” -oliviakhaleejtimes.com