Qatar, UAE energy ministers say gas will be needed for long time

Qatar, UAE energy ministers say gas will be needed for long time

Affordable prices critical during the global energy transition, ministers say

US Presidential Envoy for Climate John Kerry (L) speaks to UAE's Minister of Energy and Industry Suhail al-Mazrouei, at the opening session of the Atlantic Council Global Energy Forum, in the capital Abu Dhabi on Saturday. - AFP

By Reuters Published: Sat 14 Jan 2023, 2:52 PM

The world will need natural gas for a long time and more investment is required to ensure supply security and affordable prices during the global energy transition, the energy ministers of the UAE and Qatar said on Saturday.

UAE Energy Minister Suhail al-Mazrouei, speaking at the Atlantic Council Global Energy Summi tin Abu Dhabi, said that "for a very long time, gas will be there" and that while more renewable energy would be installed, more investment was needed in gas as a base load.

"The whole world needs to think of resources and how to enable companies to produce more gas to make it available and affordable," Mazrouei said.

Saad al-Kaabi, Qatari state minister for energy, said that a mild winter in Europe had seen prices come down, but that volatility would remain "for some time to come" given there was not much gas coming into the market until