Minister: UAE calls on Caspian region to participate in development of new energy sources
Azerbaijan, Baku, June 1 / Trend N.Ismayilova /
Azerbaijan and the United Arab Emirates (UAE) have strong relations that will grow in the future, UAE Energy Minister Mohammed bin Dha'en Al Hamili said.
"Azerbaijan and the UAE have much in common," Hamili said." We share one faith and our countries are significant energy producers."
Hamili said the world has enough oil reserves to provide energy for 40 years and gas reserves - up to 60 years. Approximately 60-65 percent of the world's oil reserves is located underground and requires new ways of development and new technologies for extraction. Exploration of these deposits also requires the involvement of major investment, he said.
The world still records growth trend in hydrocarbons demand and based on OPEC's forecasts, hydrocarbons demand will increase by 42 percent by 2030. The volume of world daily oil production wills reach160mln barrels in 2030 compared to 84.3 million barrels in 2009, Hamili said.
"Meanwhile, it is necessary to continue the study of other energy sources and I urge all countries, including the Caspian region, to take part in these developments," he said.
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