$200b investment required for growth of region's gas sector

Over 150 oil and gas executives convened in Dubai for the Middle East Gas Conference, sponsored by Crescent Petroleum, to shape the future of the region's gas industry

- Inayat-ur-Rahman, Business Editor

The regional natural gas sector requires $200 billion of investment in the next four years to increase production by 30% to meet rapidly growing demand for power, industry executives attending the Middle East Gas Conference in Dubai said on Wednesday.

More than 150 executives from energy producers representing the leading producers of gas in the region gathered to discuss the next stage in development of the region's immense natural gas resources, urging efforts to build capacity to meet surging demand for electricity, and accelerate the displacement of oil in power generation.

The first Middle East Gas Conference, convened senior policymakers, executives from leading NOCs and IOCs, financiers, and infrastructure in Dubai to take the pulse of the rapidly growing industry and prepare to meet the challenges of growing regional population, rising power demand from air conditioning and desalination as well as Al, and to enable the diversification of the region's economies. The event was organized by Petroleum Economist in partnership with host sponsor Crescent Petroleum, the oldest and largest private oil & gas company in the region, joined by senior executives from Adnoc Aramco, XRG, Bapco Energy, RAK Gas, Dana Gas, SNOC, Shell and others. A number of leading global financial institutions were also present with a special focus on financing natural gas, including Deutsche Bank, Cantor Fitzgerald and FAB.