Dubai: The regional natural gas sector requires $200 billion of investment in the next four years to increase production by 30% to meet rapidly growing demand for power, industry executives attending the Middle East Gas Conference in Dubai said on Wednesday.
According to Emirates News Agency, more than 150 executives from energy producers gathered to discuss the next stage in developing the region's immense natural gas resources. They emphasized the need to build capacity to meet the surging demand for electricity and accelerate the displacement of oil in power generation. The event, organized by Petroleum Economist in partnership with Crescent Petroleum, also included participation from senior executives from companies such as ADNOC, Aramco, and Shell, along with global financial institutions focused on financing natural gas.
Majid Jafar, CEO of Crescent Petroleum, highlighted the region's trajectory to become the world's second-largest producer of natural gas, stating that since 2020, gas production has grown over 15% and is expected to rise another 30% by 2030. This growth necessitates a $200 billion investment. He noted that this development is crucial not only for meeting energy needs but also for creating economic opportunities and supporting the clean energy transition.
The conference highlighted the need for regional gas production to add 14 billion cubic feet per day of new supply by 2030. Delegates also discussed the significant new demand from AI infrastructure development in the UAE and Saudi Arabia, emphasizing the region's advantages such as affordable energy and modern infrastructure.
Keynote sessions featured leaders like Musabbeh Al-Kaabi of ADNOC and Abdulkarim Al-Ghamdi of Saudi Aramco, who underscored the importance of strengthening partnerships among producers and investors. Al-Ghamdi pointed out the critical role of gas in meeting rising power demand and supporting industrial growth, advocating for closer cooperation between governments, investors, and industry.
Jassim Alshirawi of the International Energy Forum emphasized the need for more reliable, affordable, and lower-carbon energy, placing natural gas at the center of the global energy strategy. Aramco is advancing its gas expansion program, aiming for a significant increase in production capacity by 2030.
Paul Hickin of Petroleum Economist concluded that the event successfully brought the industry together to unlock the full potential of Middle East gas, supporting secure and sustainable growth in the region.