Gulf oil producers must pump funds into renewable energy sources and focus on conservation measures to ensure sustainable growth and manage their supply-demand balance, according to a key British business publishing group.
The GCC countries, which control over 40 per cent of the world’s proven oil resources, already have plans to invest heavily in the conventional energy sector to meeting rising domestic power and water demand but they also need to focus on the other sources of energy, said Debbie Stanford-Kristiansen, the international events director at PennWell Corp ME, organisers of PowerGen Middle East and WaterWorld Middle East conference and exhibition which opened in Doha today (Feb 4).
“In the coming years, far more attention will need to be placed on demand supply management. To ensure sustainable growth in the long-term, more investment needs to be channeled towards energy-efficiency measures such as clean fuel and renewable energy supplies, improving water efficiency, investing in new water desalination capacity and buying or leasing agricultural land abroad,” she noted.
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