Dec 05 2011 |
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Oman: Gas flaring reduction initiatives crucial for Middle East
MUSCAT: Gas flaring is now one of the prime concerns for the Middle East. The region has managed to attract a significant amount of investment to further enhance the gas industry. The Gas Arabia Summit will host a Gas Flaring Reduction Day on December 14, 2011 to address these concerns and provide a comprehensive analysis to efficiently utilise wasted gas.The Middle East has been an attractive region for investors and companies to profit from its abundant gas resources. Saudi Aramco CEO, Khalid Al-Falih recently stated that their focus is to invest heavily in gas.
Dr. Jonathan Evans, General Manager, BP Oman, stated that there is around 100 trillion cubic feet of tight gas within BP 's Block 61 concession in Oman.
In addition, Dr. Faleh Al Khayat, Former Director General of Planning, Iraq Ministry of Oil said that Iraq was potentially exporting 100 billion cubic meters of gas per year making the Middle East gas industry an extremely lucrative industry.
Recent investments in the Middle East gas industry include the $17 billion contract between Iraq and Royal Dutch Shell and Mitsubishi; BP 's $15 billion in the Khazzan and Makarem fields in Oman; and more.
In 2010, an estimated 134 billion cubic metres of gas was flared, a crucial waste of this useful energy resource.
Gas flaring resulted in an estimated 400 million metric tonnes of carbon dioxide emissions annually with obvious environmental consequences.
Arianna Neri, Project Director, Gas Arabia Summit, commented: "Gas is an important natural resource for the Middle East region. Countries such as Iraq are in dire need of electricity, which can be provided from flared gas. Countries and companies must take a proactive effort to mitigate the loss of this valuable resource to ensure significant economic development and prosperity of the region."
The Gas Flaring Day, sponsored by Saudi Aramco and GE Oil and Gas, will provide attendees with an in-depth analysis of the current and emerging consequences of gas flaring in the region. In addition renowned speakers will discuss how gas-producing companies can strategically move towards zero flaring.
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