Oil, Gas to Contribute 50 pct of Global Demands by 2020

Source: KUNA 11/5/2012, Location: Middle East

Chief Executive Officer (CEO) of Kuwait Petroleum Corporation (KPC) Farouq Al-Zanki said that oil and gas will contribute to about 50 percent of the global demand of energy by 2020. Al-Zanki made his remarks in a speech at Kuwait Energy and Infrastructure Projects Conference, noting to the importance of technology in solving energy problems, in particular, KPC goals concerning oil and gas until the year 2030, which now are in implementation phase.

Industries accompanying oil and gas are facing unprecedented challenges and are confronted with tremendous efforts to ensure meeting future global demand, Al-Zanki added. KPC Chief stressed technology has become the main component of bridging the gap between supply and demand, including achieving strategic goals that would boost production to reach four million barrels per day.

"We need to guarantee that we understand all repercussions and outcome of decisions on investments for on the long run, but we take today, we must look forward," Al-Zanki added. With regard to solar energy, Al-Zanki said that it has taken an increasingly important role in confronting global demand, adding that KPC took a strategic decision to manage its resources of hydrocarbon, through solar energy as an alternative choice.


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