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Sunday, 14 November 2010

The Middle East's gas dilemma: shortages in a region of plenty- b

In the Middle East, rapid economic growth has resulted in the consumption of natural gas outpacing production while uncertainty over the level of future global gas demand is at its highest in decades, according to The global gas challenge, a new report from Ernst & Young.

This uncertainty could result in future supplies being inadequate to meet the projected growth in demand. Although global gas demand is forecast to grow by 1.5% per annum until 2030 by the International Energy Agency, actual growth will be influenced by a number of unpredictable factors.

According to David Barringer, Oil & Gas Leader, Ernst & Young MENA, “While the energy strategies adopted by some countries in the Middle East may help improve their energy independence in the longer-term, in the short-term the region’s requirements will also have to be met by imported gas.”