New investment models needed to boost MENA oil and gas competitiveness, says Crescent Petroleum CEO

VIENNA, New investment models will encourage optimal development in the oil and gas sector, Majid Jafar, CEO of Crescent Petroleum told OPEC ministers and industry leaders at the 7th OPEC International Seminar in Vienna, Austria.

The private sector in MENA can be an important partner in oil and gas development which will help boosting competitiveness in the industry, he added.

“We need new investment models that will create the right incentives for upstream investment in exploration in new areas, enhanced recovery from mature fields, and gas development, where the region continues to lag despite growing demand from the regional power and industry,” Jafar said.

“The region needs at least US$320 billion in investment over the next five years, and the private sector can be an important partner in this effort. The Middle East has over half the world’s proven oil and gas reserves but represents only a third of the oil market and a sixth of the gas market today, so we have yet to fulfill our potential as a region,” Jafar added.

More than 750 participants, including ministers, industry leaders and experts gathered at the Imperial Hofburg Palace in Vienna to discuss the global energy outlook, market stability, oil investments, technology, and the state of the world economy.

Source: Emirates News Agency