The energy ministers of Qatar and the UAE stressed that the world will need gas for a long time to come and that investment must be increased to ensure the security of supply at reasonable prices as the world transitions to renewable energy.
Qatar Energy Minister Saad Al Kaabi said during the World Energy Conference in Abu Dhabi that gas is “not a transitional fuel” but a final fuel and that it is unfair to some in the West to say that African countries should not explore for oil and gas.
Saad Al-Kaabi said a mild winter in Europe has pushed prices down, but volatility will remain “for some time” given there won’t be much gas on the market until 2025.
“The question is what will happen when they (Europe) want to replenish their warehouses this year and next,” he said.
Al-Kaabi later told reporters that Qatar, which is working to boost its gas production, has a limited amount of gas going to Europe and won’t spend it elsewhere, “but there are limits to what we can do.”
Al-Kaabi expressed confidence that Russian gas would eventually return to the European market.
During the same conference, UAE Energy Minister Suheil Al Mazrui backed Al Kaabi’s statements and said, “Gas will be around for a very long time.”
Al-Mazrui noted that “despite the launch of more renewable energy sources, more investment in gas as a primary source is needed.”
“The whole world needs to think about resources and how to enable companies to produce more gas to make it affordable and affordable,” he said.
Al-Mazrui believed that the “obscure” strategy of many countries made it difficult for them to comply with long-term gas contracts, making it difficult for energy companies to obtain financing for investment in capacity development.
Source: Reuters + Gulf Media.
