Karan gas project which produces 4.2 mm³/
day of gas and Manifa project which produces
0.5mb/d of heavy oil. Manifa’s production
capacity is expected to reach 900,000 b/d
of oil and about 65,000 b/d of condensates
in addition to processing 2.55 mm³/d of
associated gas in 2014.
There is no doubt that such projects and their
likes would contribute in providing current
production capacities with new quantities
of oil and gas that are indispensible for local
consumption and international markets.
In spite of the huge oil and gas discoveries
in the Arab region, it still has huge potentials
for more discoveries as estimated by some
international agencies and bodies specialized
in oil reserves estimation (including United
States Geological Survey- USGS). In 2009,
these amounts have been estimated at 269 bb
of oil and gas liquids and 43.5 trillion m³ of
natural gas.
OAPEC member countries consider
developments in oil and gas production from
unconventional resources, especially shale oil
and gas in the US, as an addition to the global
oil and gas reserves. It contributes to meeting
the increasing global demand for energy and
shall enhance long term investments needed
for the energy industry.
While observing Arab and global
developments in oil and gas production,
OAPEC Secretariat General lauds member
countries’ efforts. It asserts that the ideal use
of hydrocarbon resources is a main factor
to achieve sustainable development goals
represented in economic and social growth
and maintain the environment and natural
resources.
A study prepared by the Secretariat General
titled “Dialogue between Oil Producing and
Consuming Countries and its Important Role
in Stabilizing Global Petroleum Market”, has
found out that the sustainability of OAPEC
member countries’ financial investment in
the various stages of the petroleum industry
including exploration is conditioned by creating
an atmosphere of transparency and direct
dialogue with the main consuming countries
on the future of global demand for oil and gas.
This should be based on supply security versus
demand security. Disagreement between oil
producing and oil consuming countries on
energy issues, when happen, should not affect
the international petroleum market’s balance
and its possible consequences on production
and price. Cooperation between the two sides
has become more crucial especially during
periods when energy markets in general and
oil markets in particular witness disturbances
and severe fluctuations due to various factors
including the lack of full transparency required
for understanding oil market developments.
The Secretariat General reiterates its
keenness on supporting all international efforts
to encourage dialogue between oil producing
and oil consuming countries. It took part in the
Fourteenth International Energy Forum held
in Moscow recently. The Forum had a wide
participation including ministers and senior
officials of the oil producing and oil consuming
countries; in addition to the secretary generals
of international organizations and agencies
specialized in energy and oil.
