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CHAPTER TWO
Developments of Energy Resourrces
$20 billion over the next 15 years”. HE stated that demand for oil
in the Middle East has been on a steady rise, causing concern over
supply levels, especially when 2012 consumption rates in the Middle
East represented 9% of world consumption, compared to 6.6% in
2000. HE said “the Middle East, in addition to its role of being the
leading producer of oil and gas in the world, is becoming one of
the fastest growing areas of demand”. To meet the growing demand,
Bahrain
’
s government is investing $8 billion to $10 billion in a
Refinery Master Plan Project, additionally, Bahrain plans to spend
more than $25 million per year as part of Bahrain Economic Vision
2030 to adequately train staff for careers in the energy sector
i
.
Saudi Aramco has announced its intention to pump $35 billion
into its oil exploration and development program over the next
five years. The Chief Executive of Aramco said the company is
continuing to strengthen its oil business to meet the rising call on
Saudi oil production. He stated that the firm is planning to increase
conventional and unconventional gas supplies by almost 250% over
the coming two decades
ii
.
In Egypt, Shell’s Executive Vice President for Middle East and
North Africa, has affirmed the company
’
s final investment decision
on the Alam El Shawish West gas development, signaling the start
of further development of the “Assil” and “Karam” gas fields. The
company has earmarked $600 million for exploration, development
and production operations
iii
in Egypt in the fiscal year 2012/2013.
On the international level, many reports issued in early 2012 have
stated that petroleum companies were expected to invest a record
i
Oil Voice, 23/5/2012
iiOil Review Middle East, 19/10/2012
iiiEgyptian Petroleum Ministry, Official Website, 22/2/2012.
