The Middle East is in the midst of a low carbon revolution, which is forcing its role as the epicenter of global oil production since the mid-1990s to take a new shape. But, low carbon future does not mean a one-track journey in which the Middle East ignores valuable hydrocarbon infrastructure and reserves. The prominence of natural gas and LNG will only grow, while oil is still expected to account for at least one-third of energy supply up to the middle of this century. Both energy streams – hydrocarbons and fossil fuels – are here to stay and both are required to meet the Middle East’s 49% increase in energy consumption up to 2035. So, what are the top 3 strategies to ensure that the ecosystem of each market – exploration, production, cost-efficiency, research, talent, regulations and so on – is not overshadowed by the other?
Mr. Howard Bevan