The energy ministers of Qatar and the UAE said that gas will be needed for a long time
The world will need natural gas for a long time, and additional investments are needed to ensure security of supply and affordable prices during the global energy transition, the energy ministers of Qatar and the United Arab Emirates said on Saturday.
Saad al-Kaabi, Qatar's Minister of State for Energy, speaking at the Atlantic Council Global Energy Summit, which is taking place on January 14-15 in Abu Dhabi, said that a mild winter in Europe has led to lower prices, but this volatility will remain "for some time", given that there is not much gas coming to the market.
The Qatari minister said that, in his opinion, Russian gas will eventually return to Europe.
"But Russian gas, in my opinion, will return to Europe. Whether next year, in five years, I do not know. But as soon as the situation clears up. And this, I think, will be a great relief for the entire gas sector and for the entire energy market in Europe, and will also stabilize prices," al-Kaabi added.
UAE Energy Minister Suhail al-Mazroui, speaking at the same forum in Abu Dhabi, agreed that "gas will exist for a very long time" and that, although more renewable energy sources will be used, additional investments in gas as a basis are needed.
"The whole world needs to think about resources and how to allow companies to produce more gas to make it affordable," Mazroui said.
According to Saad al-Kaabi, gas "is not a fuel of transition", but a destination fuel, and that it would be unfair for some in the West, as part of his desire for "green" energy, to say that African countries should not drill oil and gas when it is important for their economies and the world needs in a larger sentence.
Mazroui also said that the "unclear" strategy of many countries prevents them from concluding long-term gas contracts, which, in turn, makes it difficult for energy companies to obtain financing for investments in the development of production facilities.
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