Posted by Neil King
There should be more investment in research, exploration and the production of oil and gas in the UAE, according to minister of energy, Mohammed bin Dha'en Al Hamli.
Speaking at the opening of the 16th annual Energy Conference, Mr Al Hamli encouraged delegates to develop projects in the region, Emirates 24/7 reported.
He noted that the growth in global oil demand has so far reached 3.1 million barrels per day during 2010, driven by economic stimulus.
In 2009, the per capita share of crude oil and gas as a primary energy source reached nearly 53 per cent globally.
The conference will run until November 10th and will see leading energy companies discuss topics that are or will greatly affect the industry, including world energy demand, the future of fossil fuels and energy efficiency and climate change.
His comments come as the Gulf Cooperation Council announced a $272 billion investment in oil and energy projects over the next five years to meet increased demand.