![\"\"](\"http:\/\/middleeastevents.com\/blog\/wp-content\/uploads\/2018\/06\/Majid-Jaffar-776x1024.jpeg\")
<\/p>\n","protected":false},"excerpt":{"rendered":"New investment models will encourage optimal development in the oil and gas sector, Majid Jafar, CEO of Crescent Petroleum told OPEC ministers and industry leaders at the OPEC Seminar in Vienna today. The private sector in MENA can be an important partner in oil and gas development, helping boost competitiveness in the industry, he added.<\/p>\n
\u201cWe need new investment models that will create the right incentives for upstream investment in exploration in new areas, enhanced recovery from mature fields, and gas development, where the region continues to lag despite growing demand from the regional power and industry,\u201d Mr Jafar said.<\/p>\n
Mr Jafar, who leads the Middle East’s oldest private oil and gas company and\u00a0serves as Vice-Chairman\u00a0of the Crescent Group of companies, was speaking at the 7th OPEC International Seminar in Vienna, Austria. More than 750 participants, including ministers, industry leaders and experts gathered at the Imperial Hofburg Palace in Vienna to discuss the global energy outlook, market stability, oil investments, technology, and the state of the world economy.<\/p>\n
\u201cThe region needs at least $320 billion in investment over the next five years, and the private sector can be an important partner in this effort. The Middle East has over half the world\u2019s proven oil & gas reserves but represents only a third of the oil market and a sixth of the gas market today, so we have yet to fulfill our potential as a region\u201d Mr Jafar said, speaking on the panel entitled \u201cInvestment in the Oil Industry\u201d, along with the oil ministers of Iraq and Kuwait, and international industry leaders from the public and private sectors.<\/p>\n
\u201cOur industry worldwide must also do better at explaining how responsible development and utilization of oil and gas can support the transition to a more sustainable economy,\u201d he said. \u201cThe switch from coal to gas-fired power generation, which emits half the volume of CO2, may have the greatest impact on lowering carbon footprint. \u201cThat is why we firmly believe that the oil & gas sectors will continue to play a vital role in meeting world\u2019s energy needs for transportation and power generation going forward, complementing renewables and other energy sources,\u201d he added.<\/p>\n
Among numerous UAE Ministers and industry leaders attending the forum include: HE Suhail Mohamed Al Mazrouei, UAE Minister of Energy and Industry and current President of the OPEC Conference; HE Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of ADNOC; and Musabbeh Al Kaabi, CEO of Mubadala Petroleum and Petrochemicals.<\/p>\n
Commenting on his participation, Mr. Jafar said: \u201cI\u2019m honored to have joined industry leaders and experts as we debated the greatest challenges facing the energy sector and the regional economy.\u00a0 The Middle East is a major source of the world\u2019s proven gas reserves and is also becoming a key consumer of both oil\u00a0and gas.\u00a0 Our prosperity is incumbent upon our ability to anticipate and respond to the dramatic changes in world energy demand.\u201d<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
New investment models will encourage optimal development in the oil and gas sector, Majid Jafar, CEO of Crescent Petroleum told OPEC ministers and industry leaders at the OPEC Seminar in Vienna today. The private sector in MENA can be an important partner in oil and gas development, helping boost competitiveness in the industry, he added. […]<\/p>\n","protected":false},"author":1,"featured_media":7839,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/posts\/7838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/comments?post=7838"}],"version-history":[{"count":1,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/posts\/7838\/revisions"}],"predecessor-version":[{"id":7840,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/posts\/7838\/revisions\/7840"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/media\/7839"}],"wp:attachment":[{"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/media?parent=7838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/categories?post=7838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.middleeastevents.com\/blog\/wp-json\/wp\/v2\/tags?post=7838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}