oil industry needs increasing investment
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Oil industry needs increasing investment

Arab Today, arab today

Arab Today, arab today Oil industry needs increasing investment

Oil industry needs increasing investment
Abu Dhabi - Arab Today

The oil and gas industry needs a significant increase in investment over the coming years, according to a senior BP official.

"Oil supply, as opposed to oil demand, will be the big game changer in the future as the world shifts away from the resource scarcity view," said Spencer Dale, BP’s Group Chief Economist, who was speaking at a panel on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC, which concludes today.

Saying that there will be substantial consumption of oil for decades to come, he added, "If you look forward for the next 20-30 years, the combination of improving energy efficiency and technological progress means that supply will significantly outstrip demand as a result of increasing energy abundance."

"As new discoveries are made, perceptions have moved from one of energy scarcity to one of energy abundance," he added, noting that this is having a significant impact on resource owners, many of whom are in the Middle East.

"A considerable amount of investment is likely to be needed for decades to come," Dale predicted, adding, "However, previously driven by the sense of resource scarcity, (this) meant that investment went into any type of oil resource. If you look at (it) now, investors are becoming increasingly choosy about which type of oil in which to invest. BP’s view is to carry on investing in oil as long as there is an advantage to it. The market is increasingly competitive," he said.

Investment now, he suggested, would be committed either because of the intrinsic low-cost of development or because costs could be driven down because of factors such as existing infrastructure and supply flow.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil industry needs increasing investment oil industry needs increasing investment

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil industry needs increasing investment oil industry needs increasing investment

 



GMT 15:52 2016 Friday ,12 August

Pakistan approves controversial cybercrime law

GMT 18:41 2017 Monday ,10 April

Yemen announces reopening of Al-Mokha port

GMT 00:50 2017 Tuesday ,01 August

Egyptian President concludes state visit to Kuwait

GMT 19:00 2015 Friday ,27 November

21 suspected suicide killed in Tirah air strikes

GMT 14:45 2018 Sunday ,07 October

Netanyahu says will hold meeting with Putin soon

GMT 22:41 2014 Monday ,24 November

Learning to forgive

GMT 00:44 2017 Tuesday ,19 December

Eurozone summit offers third bailout to Greece

GMT 14:32 2011 Sunday ,12 June

Presenter Samira Ahmed resign

GMT 23:06 2017 Tuesday ,12 December

Germany set to pay customers for electricity

GMT 11:58 2017 Sunday ,05 November

Bahrain Press headlines

GMT 09:07 2016 Saturday ,26 November

Philippine problem 'beyond imagination'

GMT 02:21 2017 Wednesday ,06 September

Solar Lamp Project funded by UNIFIL Spanish peacekeepers

GMT 19:02 2017 Thursday ,07 September

Kuwait’s Emir to hold a summit with Donald Trump

GMT 08:50 2016 Tuesday ,26 January

Russian stock exchange drops on oil price slide

GMT 01:43 2016 Thursday ,02 June

IPIC and OBIB extend OMV syndicate agreement
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday