KPC Chief: One of main challenges facing gas industry is inability to predict supply, demand

KPC Chief: One of main challenges facing gas industry is inability to predict supply, demand

Kuwait: One of the main challenges facing the gas industry is the inability to predict supply and demand, especially in light of the potential economic downturn and rapidly changing geopolitical balances, said Kuwait Petroleum Corporation (KPC) Chief Executive Officer Sheikh Nawaf Saud Al-Nasser Al-Sabah Sunday.

This came in a speech by Sheikh Nawaf Al-Sabah during the opening of the 28th session of the GCC Conference and Exhibition of the Gas Manufacturers Association, which comes under the title (Opportunities and Challenges in the Natural Gas Value Chain).

Despite the growth of the natural gas industry, it is facing increasing competition from the global shift towards renewable energy sources, and this transformation is another major challenge that must be dealt with seriously, Sheikh Nawaf stated.

Other well-known challenges facing the gas industry still exist in terms of exploration and development of gas fields, means of gas transportation and distribution, as well as measures to ensure the safety and viability of gas infrastructure, which are challenges of paramount importance, he added.

In turn, Acting CEO of Kuwait Oil Company (KOC) Khaled Al-Otaibi said that the demand for oil and gas returned to levels before the Covid-19 epidemic in 2019, noting that in light of the high price