UAE Energy Minister Suhail Al Mazrouei says that oil-producing countries in the region should work with shale producers as partners
The Middle East could potentially become a shale oil-producing region in the future, with the UAE actively seeking ways to exploit its resources, according to UAE Energy Minister Suhail Al Mazrouei.
“We need to thank the shale oil producers for significantly dropping the cost,” Arab News quoted him as saying at an energy forum in Texas. “That has helped us look at shale with a different eye in the Middle East and in many parts of the world where it is a viable source.”
Al Mazrouei added that in the near-term the UAE will “produce and consume the easier oil, which we have plenty of.”
“There will be a time when we will tap into the shale oil, but definitely we have looked at the potential,” he said.”
According to the International Energy Agency, the US is expected to become the world’s second largest oil exporter – behind Saudi Arabia – by 2024 as American production levels have increased significantly.
“In the beginning, people were thinking it’s just a phenomenon, [that] it’s not going to last for longer,” Al Mazrouei said. “Personally, I was thinking that shale oil is needed, and that we need to work with shale oil producers as partners. We need to complement each other.”