UAE Oil Minister Mohammed bin Dhaen al-Hamli said Monday that an oil price average of $85-$95/barrel this decade would encourage the United Arab Emirates and other oil producers to invest in long-term sustainable oil production capacity in an increasingly challenging environment.
Speaking at an energy conference in Abu Dhabi, Hamli said there were still untapped offshore and onshore reserves that could be exploited while existing resources were becoming more difficult to extract. Producers will need prices to be at levels high enough to justify the investment cost required, he said.
"While it is clear that the age of easy oil is coming to an end, it is equally clear, thanks to the application of new technology, that the oil and gas industry has a long life ahead of it," Hamli said.
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