Global Energy Demand to Surge by 60%

Global Energy Demand to Surge by 60%Global Energy Demand to Surge by 60%

Global energy demand is expected to increase by 60 percent until 2040, with fossil fuels remaining the main source, Bahrain energy minister Abdulhussain bin Ali Mirza said Sunday, TradeArabia reported. Quoting the OPEC 2014 report, Mirza said oil-related investment requirements would reach $10 trillion between 2014 and 2040, and the extra capacity is estimated at $7.3 trillion during the same period.

“OPEC countries need, on average, to invest nearly $40 billion annually over the remainder of this decade and $60 billion annually in the long term,” the minister said in his address at the opening of the third Middle East Maintcon 2014 Conference and Exhibition in Bahrain. Organizations that understand their risk profile and take concrete action to mitigate risks will be better positioned to succeed in the marketplace, he added.

Mirza said maintenance has played an important role in the past few years, which was most pronounced in plant operation and averting total collapse through preventive, predictive and proactive maintenance, which is designed to extend the useful age of equipment. He said there was an urgent need for safety tools with high technical quality to match the continuous development of the global oil market, taking into account the diversity of the new trends as well as the changes in applicable rules and regulations in the vital field.