By IANS,
Abu Dhabi : Oil and gas producers in the Middle East should continue to invest in the industry despite the fall in oil prices across the world, according to the United Arab Emirates’ (UAE) Minister for Energy Mohammed Bin Dhaen Al Hamili.
“As you know, recent events in global financial markets have had a substantial impact on the oil industry,” he said, while addressing the inaugural session of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec)-2008 here Monday.
“Oil prices have plummetted sharply to hover around $60 a barrel after the unbridled rise in July this year. However, in spite of the present market conditions, I would like to stress the importance of continued investment in the region’s oil and gas industry,” he said.
Al Hamili said the challenges facing the world economy should not stop continuing investments in the petroleum industry but should instead serve as an impetus to prepare for the next cycle of growth, the state-run Emirates News Agency (WAM) reported.
“The petroleum industry is characteristically a long-term investment industry, where prices rise and fall in response to market forces, but one basic constant never changes: the continuously growing demand for energy in a world where population density is increasing,” the minister said.
Emphasising that the age of easy oil is gone forever, he said: “We need to seize the opportunities offered by new technology to advance exploration techniques for new discoveries, increase recovery rates from existing fields, improve efficiency, and streamline our operations to reduce costs.”
Al Hamili also called upon young professionals in the sector to embark on careers in the hydrocarbon sector to “contribute to sustainable development of their countries in a framework compatible with development and the protection of the environment and takes into consideration the needs of man”.
Adipec-2008 is one of the largest exhibitions focused on the petroleum sector and is being held in the UAE capital Nov 3-6.