oa Energy Security Perspectives: How Can the GCC Energy Industry Meet Expectations

Fossil fuels currently dominate most aspects of the social and economic activities, and will remain to account of about 85 percent of the world’s energy supply. Most outlooks imply that fossil fuels will continue to be the prime source of energy and critical to meeting energy security needs well into 21st century. World demand projections indicate that fossil fuels will supply about 81 percent by 2030 and 64 percent by 2050, due to high demand. In absolute terms, these projections are driven by increase in power generation and end-use consumption.

The GCC countries are aware that the debate over the science of oil security is unsettled as the hydrocarbon are finite and might not be available in sufficient quantities in coming decades to meet the growing world demand for energy. In addition, burning fossil fuels produces carbon dioxide (CO2), which is linked to climate change. Likewise, the debates over natural influences and anthropogenic activities on future atmospheric earth temperatures will continue for years to come. Therefore, meeting energy demand, while addressing potential issues such as energy-security, economic and climate change, presents serious challenges and opportunities for the oil industry of the GCC countries. It is believed that these expectations can be met only through technological developments and their application.

This presentation indentify the GCC energy security perspectives in a globalized industries given that the world demand prospects, oil price uncertainties and the diversification of local energy sources. In addition, this presentation examines the key challenges of meeting the impending environmental costs of growing power demands and evaluates options for mitigating its adverse impact locally and globally. The analysis will involve a set of long-term energy, economic and environmental strategies based on implementing advanced technological options. It is these strategies that are the focus of this paper with emphasis on the emerging role of new and renewable energy resources. Such options could facilitate the GCC countries’ to further energy efficiency and diversification as well climate change issues.