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Publish Date : 04-Jun-2013

GCC countries, especially Saudi Arabiam the UAE and Qatar intend to award contracts worth over USD 68 billion in the next 5 years to boost the production of gas.

Deloitte's 8th edition white paper titled "Middle East Energy and Resources: Managing Scarcity for the Future" shows that in spite of an increasing focus on renewable and alternative forms of energy, oil and gas will fulfill around 60% of global energy demand in 2040, up from 55% in 2010.

Even as major advancements in technology will lead natural gas to overtake coal as the number 2 fuel source, oil would remain as the primary fuel.

Gas is expected to overtake oil in demand after 2025 in the Gulf region, with 50% of all energy demand coming from gas in 2040.

Most state-owned oil companies in the region already have multi billion dollar investment plans for gas exploration and production.

Kenneth McKellar, Energy and Resources leader at Deloitte in the Middle East said : 'Although the share of demand for oil and gas is set to rise, it is important to note that alternative energy sources such as nuclear, wind, solar and biofuel will also take on an increasingly significant role in meeting the world's energy needs in the future.'

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