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The 12th Arab Energy Conference recommends developing the role of national energy companies and adopting balanced development policies

13-12-2023

The 12th Arab Energy Conference on Tuesday called for exploiting technological developments to enhance and integrate sustainable energy sources into the current energy system, while emphasizing continued interest in scientific research in the field of energy. A statement issued by the conference at the conclusion of its proceedings in the Qatari capital (Doha) stressed the importance of employing Fourth Industrial Revolution technologies and their applications in the oil and gas sector, with a focus on how to harness artificial intelligence to increase operational efficiency. The statement recommended exploiting hydrocarbon sources while controlling their emissions through clean technologies, which enhances the possibility of the world reaching the desired zero neutrality in 2050. He stressed the importance of all Arab countries adopting balanced development policies that include integrating the environmental dimension into development plans, balanced use of resources, diversifying the economy, and setting appropriate environmental standards to fully achieve sustainable development. He called for working to consolidate the basic concepts of sustainable development in the petroleum industries through the acquisition of modern technologies, conserving energy, rationalizing its consumption, producing cleaner fuels, reducing emissions and improving performance in all stages of this industry. The conference recommended developing the role of national energy companies and finding a mechanism for cooperation and coordination among them, given that fossil fuels will remain the main source of energy for decades. It also called for following up on technical and economic developments in the field of renewable energy sources and working to increase their share in the energy mix consumed and enhancing energy efficiency. He stressed the importance of increasing investment in the oil and gas industry to avoid potential energy crises and by working to increase the role of nuclear energy in many national strategies for energy transitions as a clean energy technology to mitigate greenhouse gases. With regard to subsequent petroleum industries, Arab and global, the conference stressed the importance of modernizing existing refineries or building new refineries and increasing the capacity of transformational operations with the aim of gradually moving towards producing clean petroleum derivatives with specifications more suitable for the environment, covering the needs of the local market and marketing the surplus to the global market. He called for creating appropriate conditions for the expansion of hydrogen production and use, given that Arab countries possess many of the ingredients to build a competitive hydrogen economy and play an influential role in international trade for it in the future. In its statement, the conference stressed the importance of enhancing cooperation and integration between petrochemical companies in Arab countries, working to transfer modern technology, and supporting scientific research efforts to confront the challenges facing the industry and enhance its competitiveness in global markets. Regarding energy demand management in Arab countries, the conference recommended the necessity of developing strategies and executive programs to rationalize and improve the efficiency of energy use at all levels and in all sectors. He called for drawing up policies to rationalize consumption in a way that maintains moderate growth in energy consumption, provided that this does not conflict with development programs, and for developing accurate plans and forecasts to diversify the base of energy sources as long as they are technically and economically feasible. He stressed the importance of supporting strategic partnerships between governments and the private sector as a major catalyst for development that can form part of the circular carbon economy framework while benefiting from technological solutions to address gas flaring. He also recommended supporting efforts to overcome obstacles to the development of the electricity sector to achieve the goals of economic and social development in Arab countries, represented in raising support, increasing efficiency, and increasing benefit from existing electrical connection projects. He called for following up on international developments in the field of technology and benefiting from them if their feasibility proves in various aspects of the oil and energy industry, welcoming Saudi Arabia’s invitation to host the next conference in the city of Riyadh in 2027. Deputy Prime Minister, Minister of Oil and Minister of State for Economic Affairs and Investment, Dr. Saad Al-Barrak, confirmed earlier today that the Kuwait Petroleum Corporation's strategy program (2040) is strong and ambitious in the issues of energy transformation and reducing carbon emissions.