16 / 36
OAPEC Activities
16
Volume
44
Issue
2
In an interviewwith Egypt’s Al YoumAl Sabe’ Newspaper, he indicated
that most statements issued by international energy organisations
underscore the significant status of the Arab region with regards to
the global energy. It is also one of the promising regions in terms of
petroleum discoveries through the massive efforts of those in charge of
the petroleum industry especially in OAPEC member countries.
Al Naqi added that the Arab region enjoys large reserves of natural
gas as its total gas reserves reached about 54.1 trillion cubic metres
by the end of 2016, representing 27.6% of the world’s total reserves.
Marketed natural gas in the Arab countries reached 589.5 billion cubic
metres in 2016, representing about 16% pf the world’s total marketed
natural gas.
He explained that the Arab countries are global pioneers in the LNG
trade with total exports of about 105.5 million tons, representing about
40% of the world’s total LNG trade.
On the most significant challenges facing the Arab petroleum
industry, HE Al Naqi said “Economic and financial conditions resulting
from declining oil prices, as well as, increasing costs of energy
consumption, are the most important challenges facing the Arab
countries. This is in addition to the huge financial investments required
for funding the execution and development of petroleum projects to
boost their capabilities to conform to international environmental
legislations and standards. OAPEC member countries spare no effort
in using modern technology in all aspects of the petroleum industry,
as well as, supporting scientific research to make this industry go to its
highest possible limits.”
HE: AL NAQI
ARAB ENERGY INDUSTRY ENJOYS SIGNIFICANT STATUS
OAPEC Secretary
General HE Abbas Ali
Al Naqi said that the
Secretariat General
is observing current
developments in
the Arab petroleum
investment closely.
It has also been
noting the significant
efforts of its member
countries in this
sector.