4 / 36
OAPEC member countries have an important standing in the global
petroleum industry world. They possess significant potentials that qualify
them to establish an integrated petroleum industry enjoying competitive
features compared to their counterparts in other international economic
blocs. Geographical location is the most important potential for these
countries due to their proximity to promising consuming markets that lead
demand like China and India, as well as, Japan and Korea; in addition to the
traditional consuming markets in Europe and the USA.
According to estimates, OAPEC member countries’ proven reserves in the
beginning of 2018 have reached over 706.8 billion barrels of conventional
oil (representing about 48.8% of the world’s total reserves); and about 53.5
trillion cubic metres of natural gas (representing about 27.2% of the world’s
total reserves).
It is worthmentioning that OAPECmember countries are paying increasing
attention to natural gas as one of the basic sources of development; a
cornerstone for supporting economy; and a pivot to achieve sustainable
development on economic, social, and environmental aspects.
Moreover, the reliance of Arab energy systems on natural gas is increasing;
it now contributes with over 50% to the Arab primary energy mix, since
gas has the lowest emissions resulting from its flaring compared to other
fossil fuel types. Gas also enjoys the highest efficiency in terms of electricity
generation. Arab national energy companies are working with their
international counterparts on injecting more investments to increase their
gas reserves and develop their newly discovered fields within an ambitious
timeframe to meet the growing demand for gas in the region.
Last year a large number of new natural gas projects started operations in
manymember countries. It is expected that these newprojects will contribute
EDITORIAL
THE PETROLEUM INDUSTRY IN OAPEC MEMBER COUNTRIES
CURRENT DEVELOPMENTS & FUTURE PROSPECTS
4
Volume
44
Issue
2