"GCC states, particularly the UAE, Qatar and Saudi Arabia, plan to award contracts worth nearly Dh250 billion ($68 billion) during the next five years to raise gas production, despite the focus on renewable and nuclear energy, according to a latest report by Deloitte.
“Although oil is still projected to remain the primary fuel, significant advancements in technology will cause natural gas to overtake coal as the number two fuel source,” Deloitte’s white paper titled ‘Middle East Energy and Resources: Managing scarcity for the future’, said.
“In the Middle East, gas is forecasted to overtake oil in demand after 2025, with 50 per cent of all energy demand coming from gas in 2040. Most National Oil Companies (NOCs) in the Middle East already have multi-billion dollar investment plans for gas exploration and production,” it said."
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