UAE Energy Forum: Shale Gas Is Not A Threat
“Oil will flow because the world markets will demand it,” Mercan said.
“The internal dynamics of Kurdistan Regional Government and Iraq is their own issue and we will help them solve their problems. Political stability in that region is the most important issue. Don’t expect me to say anything that would endanger the relationship between KRG and Iraq.”
The outcome of the talks will be closely watched by UAE operators in Iraq’s Kurdish region, including Dana Gas of Sharjah, Abu Dhabi National Energy (TAQA), and DNO International, which is part-owned by RAK Petroleum.
UAE Key for South Asia
Sri Lanka’s Minister of Petroleum Industries Anura Yapa said that a rising and expanding middle class from Asia is looking to continue their progress towards increased prosperity and consumption, but this growth can only be sustained if Asia continues to have access to clean forms of energy.
“By 2040, china energy consumption is predicted to be double that of the U.S,” he said.
As the global center of economic gravity shifts from west to east and north to south, the world is seeing the emergence of new energy corridors and new alliances aimed at meeting soaring energy demand over the next five years. Today, Asia is the principal consumer of Gulf hydrocarbons, with as much as 70 percent of Gulf production now being consumed in countries such as India, China, Japan and South Korea. This dependence is going to grow – and with it the need to deepen collaboration between energy consuming nations in Asia and hydrocarbon producers in the Gulf.
“The UAE will play a crucial role in South Asia’s new energy corridor, and the GCC countries will remain main suppliers to the Asian market despite increased Gulf consumption,” he added.
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