JEDDAH, 11 April 2007 — Saudi Arabia will host the next roundtable conference of Asian oil and energy ministers next month, an informed source at the Ministry of Petroleum and Mineral Resources said yesterday. The one-day forum will focus on the future of energy in Asia.
Delegates from China, India, Japan, Iran, Iraq, South Korea, Oman, Kuwait, the UAE, the Philippines, Bahrain, Thailand, Malaysia, Pakistan, Indonesia and Brunei, as well as the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) will attend event, the source said.
“The conference will have two working sessions. The first will focus on subjects such as the future of energy in Asia, prospects of expanding oil and gas trade in east and west Asia, market fluctuations and alternative scenarios,” the source added. The second session will cover subjects such as economic and energy inter-dependence of Asian countries; and issues related to investments in oil exploration, production, refining and marketing and the role of national and international companies.
Energy security at Asian and international levels, role of strategic reserves, surplus energy, transparency and efficiency in energy consumption and the role of energy investment in East Asia in enhancing energy security in West Asia, will also be tackled.
The conference is hosted by the Kingdom, along with Japan and the International Energy Forum, to promote dialogue between oil producing and exporting countries and discuss issues affecting market and environment to boost mutual confidence.
Saudi Arabia has been making considerable efforts in cooperation with other producers to stabilize international oil market. Custodian of the Two Holy Mosques King Abdullah, who offered to host the International Energy Forum’s secretariat in Riyadh, inaugurated its headquarters on Nov. 19, 2005.
The roundtable of Asian oil ministers in Riyadh is significant amid growing demand for energy in the continent due to fast economic and industrial growth.
Total investments of $16 trillion are required for the energy supply infrastructure to satisfy global demand in the next 25 years.
Saudi Arabia’s oil output increased to 10.7 million barrels per day (bpd) by the end of 2006, according to Abdullah Jumah, president and chief executive of Saudi Aramco. On the reserves side, Saudi Aramco exceeded its target of replacing liquid hydrocarbon production by more than six percent, with 3.6 billion barrels, and more than doubled its target for new gas reserves with 10.4 trillion standard cubic feet.
