UAE will invest $25bn in gas development projects

Gas, as a clean and environmentally-friendly source of energy, will remain a major factor in the world energy supply equation and a driving force for the world economic growth, Suhail Al Mazrouei, UAE Minister of Energy, has affirmed. The potential role of gas in the world energy mix rests on availability of frequent supplies at affordable prices, Al Mazrouie told the second summit of the Gas Exporting Countries Forum (GECF) in Moscow. But, he warned that any shortage of gas supplies and increase in gas prices could negatively affect on gas status as a reliable source of energy, prompting consumers to seek other alternative sources to meet their demand. Likewise, he noted, maintaining a balanced in world gas market could diversify gas uses and attract more investment for upstream and downstream sectors. In his address at the oil meeting, Al Mazrouie said the UAE would invest nearly US$ 25 billion on gas development projects in the next five years to explore new gas fields and increase gas output. In the same context, he added, several UAE oil and gas companies were investment in gas development and production projects in different countries.