Latest news with #MajidJafar
Al Bawaba
11-07-2025
- Business
- Al Bawaba
$4.3 trillion investment needed by 2030 to sustain global gas demand, Crescent Petroleum CEO tells OPEC leaders
Total investments of USD$4.3 trillion are needed in the coming 5 years to keep up with fast-growing demand for natural gas and make up for a lost decade of underinvestment, Majid Jafar, CEO of Crescent Petroleum, the Middle East's oldest and largest private upstream oil and gas company, told ministers and energy industry leaders in Vienna. The world must invest more to maintain and grow the current energy systems particularly in the developing world where demand is growing fastest, Jafar said in his remarks on the opening day of the 9th OPEC International Seminar.'The world faces a massive energy challenge, with demand set to grow at the fastest pace in decades,' Jafar said. "The era of renewables growing at the expense of other energy sources is over—now, all forms of energy must expand together. We need an 'and, and' strategy: gas, oil, and renewables must all grow to meet surging global needs."Jafar made his comments on a high-level roundtable session titled 'Policies and Regulations: A Just and Realistic Energy Future,' which discussed the need for sound and reliable energy policy with respect to sustainability. He was joined in the session by Tengku Muhammad Taufik the Chief Executive Officer of Petronas; Rovshan Najaf, President of SOCAR; and Francesco La Camera the Director-General of IRENA based in Abu Dhabi. The developing world is where most energy growth will come in the future, Jafar said, because it is where population growth, urbanisation and air condition will require the most new resources. More than 1.2 billion people in the developing world lack access to reliable electricity, a gap that has actually grown in recent years, he said. To meet that demand, the developing world must be enabled to develop its plentiful indigenous natural gas resources, replacing dirtier fuels and delivering cleaner, more reliable power, Jafar said."The 'energy trap' in developing countries leads to more coal burning, undermining both climate and development goals," he said. Demand growth from AI data centres worldwide will further boost demand, requiring the equivalent of Japan's entire power demand by 2030. Data centres driven by AI will require an estimated $720 billion in global grid investment particularly in the West to support the surge in demand, he said.'Reliable, affordable natural gas is a fundamental pillar for a just and equitable energy system which ensures technological progress, economic growth, and societal well-being,' he noted. Just by converting the world's coal power use to natural gas would reduce global emissions by 15%, making a far greater impact than the trillions invested renewables so International Energy Agency estimates that global energy demand grew by 2.2% in 2024, well above average over the past decade, with electric power surging 4.3%, about a third higher than the average. This growth is driven by growing needs in developing countries as well as electrification and digitalisation from the AI revolution, which has grown energy demand in the Western world, after decline for years. In turn natural gas saw the strongest growth in demand among hydrocarbons, rising by 115 billion cubic metres (bcm), amounting to 2.7% in 2024, compared with an average 75 bcm annually over the past decade. The 9th OPEC International Seminar welcomed nearly 1,000 of the highest-level energy sector leaders, including ministers of OPEC member states, senior leaders from the oil and gas industry, policymakers, NGOs and invited guests. The two-day event, held at the historic Hofburg Palace in Vienna under the banner, 'Charting pathways together: the future of global energy' takes place on July 9 and 10. The themes focused on during the seminar included energy security, market stability, sustainability, investments and finance, low-carbon technologies, just energy transitions, energy poverty and diversification.
Khaleej Times
10-07-2025
- Business
- Khaleej Times
$4.3t gas investment ‘vital to power balanced global energy future'
A massive $4.3 trillion in global investment will be required by 2030 to meet surging demand for natural gas and support a balanced energy transition, according to Crescent Petroleum CEO Majid Jafar. Speaking at the 9th Opec International Seminar in Vienna, Jafar warned that the world is heading into a critical phase where all energy sources — including gas, oil and renewables — must be scaled up simultaneously to ensure a just, realistic, and resilient energy future. Jafar told Opec ministers and top energy executives that the world can no longer afford an either-or strategy that sidelines hydrocarbons in favour of renewables. 'The era of renewables growing at the expense of other energy sources is over. We now need an 'and, and' strategy,' he said, urging a cohesive global approach to energy planning. The Crescent Petroleum chief stressed the impact of a 'lost decade' of underinvestment in oil and gas infrastructure. While the focus over the past 10 years has been on decarbonisation, the resulting capital shortfalls in the hydrocarbon sector now risk undermining energy security — especially in the Global South, where growth in population, urbanisation and electrification is outpacing supply. More than 1.2 billion people globally still lack access to reliable electricity, Jafar noted, adding that energy poverty is on the rise in many developing countries. 'The energy trap leads to increased coal burning, which undermines both development and climate goals,' he warned, calling for greater empowerment of the Global South to tap into its abundant natural gas reserves. He cited data from the International Energy Agency showing that global energy demand surged 2.2 per cent in 2024 — well above the average for the past decade. Electricity demand alone jumped 4.3 per cent, fueled by electrification trends and the rise of energy-intensive AI data centres. Natural gas demand outpaced other hydrocarbons last year, growing by 115 billion cubic metres — around 2.7 per cent — compared to an average of 75 bcm annually over the past 10 years. Jafar pointed to a looming energy challenge posed by the rapid expansion of AI technologies. By 2030, global data centres could consume as much power as Japan's current total electricity usage. Supporting this surge in demand will require at least $720 billion in new grid investments, primarily in North America and Europe. 'Natural gas is the most reliable and scalable solution to meet this exponential demand while lowering carbon emissions,' he said. 'Just by replacing all coal-fired power generation with gas, we could cut global emissions by 15 per cent — more than the total achieved by trillions of dollars spent on renewables so far.' Speaking at a roundtable on 'Policies and Regulations: A Just and Realistic Energy Future,' Jafar was joined by energy leaders including Tengku Muhammad Taufik, CEO of Petronas; Rovshan Najaf, President of Azerbaijan's SOCAR; and Francesco La Camera, Director-General of the International Renewable Energy Agency (IRENA), based in Abu Dhabi. Jafar's remarks reflect a growing consensus that energy security must be pursued alongside climate goals. The challenge, he noted, is particularly acute for emerging economies, where energy access remains a development priority. He argued for pragmatic policy frameworks that avoid imposing a one-size-fits-all transition model on countries with vastly different energy profiles. The two-day Opec Seminar, attended by nearly 1,000 energy leaders from governments, multinationals, and global institutions, was held at Vienna's historic Hofburg Palace under the theme 'Charting Pathways Together: The Future of Global Energy.' Delegates focused on key issues including investment gaps, low-carbon technologies, market stability, energy poverty, and equitable transitions.
Gulf Today
10-07-2025
- Business
- Gulf Today
Sustaining global gas demand will require $4.3tr in investment by 2030
Total investments of $4.3 trillion are needed in the coming 5 years to keep up with fast-growing demand for natural gas and make up for a lost decade of underinvestment, Majid Jafar, CEO of Crescent Petroleum, the Middle East's oldest and largest private upstream oil and gas company, told ministers and energy industry leaders in Vienna. The world must invest more to maintain and grow the current energy systems particularly in the developing world where demand is growing fastest, Jafar said in his remarks on the opening day of the 9th OPEC International Seminar. 'The world faces a massive energy challenge, with demand set to grow at the fastest pace in decades,' Jafar said. 'The era of renewables growing at the expense of other energy sources is over—now, all forms of energy must expand together. We need an 'and, and' strategy: gas, oil, and renewables must all grow to meet surging global needs.' Jafar made his comments on a high-level roundtable session titled 'Policies and Regulations: A Just and Realistic Energy Future,' which discussed the need for sound and reliable energy policy with respect to sustainability. He was joined in the session by Tengku Muhammad Taufik the Chief Executive Officer of Petronas; Rovshan Najaf, President of SOCAR; and Francesco La Camera the Director-General of IRENA based in Abu Dhabi. The developing world is where most energy growth will come in the future, Jafar said, because it is where population growth, urbanisation and air condition will require the most new resources. More than 1.2 billion people in the developing world lack access to reliable electricity, a gap that has actually grown in recent years, he said. To meet that demand, the developing world must be enabled to develop its plentiful indigenous natural gas resources, replacing dirtier fuels and delivering cleaner, more reliable power, Jafar said. 'The 'energy trap' in developing countries leads to more coal burning, undermining both climate and development goals,' he said. Demand growth from AI data centres worldwide will further boost demand, requiring the equivalent of Japan's entire power demand by 2030. Data centres driven by AI will require an estimated $720 billion in global grid investment particularly in the West to support the surge in demand, he said. 'Reliable, affordable natural gas is a fundamental pillar for a just and equitable energy system which ensures technological progress, economic growth, and societal well-being,' he noted. Just by converting the world's coal power use to natural gas would reduce global emissions by 15%, making a far greater impact than the trillions invested renewables so far. The International Energy Agency estimates that global energy demand grew by 2.2% in 2024, well above average over the past decade, with electric power surging 4.3%, about a third higher than the average. This growth is driven by growing needs in developing countries as well as electrification and digitalisation from the AI revolution, which has grown energy demand in the Western world, after decline for years. In turn natural gas saw the strongest growth in demand among hydrocarbons, rising by 115 billion cubic metres (bcm), amounting to 2.7% in 2024, compared with an average 75 bcm annually over the past decade. The 9th OPEC International Seminar welcomed nearly 1,000 of the highest-level energy sector leaders, including ministers of OPEC member states, senior leaders from the oil and gas industry, policymakers, NGOs and invited guests. The two-day event, held at the historic Hofburg Palace in Vienna under the banner, 'Charting pathways together: the future of global energy' takes place on July 9 and 10. The themes focused on during the seminar included energy security, market stability, sustainability, investments and finance, low-carbon technologies, just energy transitions, energy poverty and diversification. Crescent Petroleum is the Middle East's first and largest private oil and gas company, with over fifty years of experience operating internationally. Headquartered in the UAE, Crescent Petroleum maintains operations and offices across the Middle East and beyond, and is the largest shareholder in Dana Gas, the region's leading private-sector natural gas company. Meanwhile the Organisation of the Petroleum Exporting Countries (OPEC) will launch the 19th edition of its World Oil Outlook (WOO) during the 9th OPEC International Seminar in Vienna, Austria. The event been held in the Hofburg Palace yesterday (Thursday). Haitham Al Ghais, Secretary General of OPEC, will deliver opening remarks, followed by a panel session with management and analysts from the OPEC Secretariat's Research Division, which will discuss the publication's key findings. First published in 2007, the WOO, one of the OPEC's flagship publications, provides an in-depth review and analysis of the global oil and energy industries and offers assessments of various scenarios in their medium- and long-term development.
Zawya
10-07-2025
- Business
- Zawya
$4.3trln investment needed by 2030 to sustain global gas demand, Crescent Petroleum CEO tells OPEC leaders
Industry must make up for a lost decade of underinvestment as renewables were prioritised at the cost of other forms of energy even as growth in demand continues to grow, Majid Jafar tells OPEC seminar in Vienna. The world needs an 'and, and' strategy in which gas, oil, and renewables all expand together to meet surging global demand and ensure a sustainable energy future, Jafar says. 'Reliable, affordable natural gas is necessary to achieve technological progress, economic growth, and societal well-being,' Jafar tells OPEC seminar. Dubai, UAE — Total investments of USD$4.3 trillion are needed in the coming 5 years to keep up with fast-growing demand for natural gas and make up for a lost decade of underinvestment, Majid Jafar, CEO of Crescent Petroleum, the Middle East's oldest and largest private upstream oil and gas company, told ministers and energy industry leaders in Vienna. The world must invest more to maintain and grow the current energy systems particularly in the developing world where demand is growing fastest, Jafar said in his remarks on the opening day of the 9th OPEC International Seminar. 'The world faces a massive energy challenge, with demand set to grow at the fastest pace in decades,' Jafar said. "The era of renewables growing at the expense of other energy sources is over—now, all forms of energy must expand together. We need an 'and, and' strategy: gas, oil, and renewables must all grow to meet surging global needs." Jafar made his comments on a high-level roundtable session titled 'Policies and Regulations: A Just and Realistic Energy Future,' which discussed the need for sound and reliable energy policy with respect to sustainability. He was joined in the session by Tengku Muhammad Taufik the Chief Executive Officer of Petronas; Rovshan Najaf, President of SOCAR; and Francesco La Camera the Director-General of IRENA based in Abu Dhabi. The developing world is where most energy growth will come in the future, Jafar said, because it is where population growth, urbanisation and air condition will require the most new resources. More than 1.2 billion people in the developing world lack access to reliable electricity, a gap that has actually grown in recent years, he said. To meet that demand, the developing world must be enabled to develop its plentiful indigenous natural gas resources, replacing dirtier fuels and delivering cleaner, more reliable power, Jafar said. "The 'energy trap' in developing countries leads to more coal burning, undermining both climate and development goals," he said. Demand growth from AI data centres worldwide will further boost demand, requiring the equivalent of Japan's entire power demand by 2030. Data centres driven by AI will require an estimated $720 billion in global grid investment particularly in the West to support the surge in demand, he said. 'Reliable, affordable natural gas is a fundamental pillar for a just and equitable energy system which ensures technological progress, economic growth, and societal well-being,' he noted. Just by converting the world's coal power use to natural gas would reduce global emissions by 15%, making a far greater impact than the trillions invested renewables so far. The International Energy Agency estimates that global energy demand grew by 2.2% in 2024, well above average over the past decade, with electric power surging 4.3%, about a third higher than the average. This growth is driven by growing needs in developing countries as well as electrification and digitalisation from the AI revolution, which has grown energy demand in the Western world, after decline for years. In turn natural gas saw the strongest growth in demand among hydrocarbons, rising by 115 billion cubic metres (bcm), amounting to 2.7% in 2024, compared with an average 75 bcm annually over the past decade. The 9th OPEC International Seminar welcomed nearly 1,000 of the highest-level energy sector leaders, including ministers of OPEC member states, senior leaders from the oil and gas industry, policymakers, NGOs and invited guests. The two-day event, held at the historic Hofburg Palace in Vienna under the banner, 'Charting pathways together: the future of global energy' takes place on July 9 and 10. The themes focused on during the seminar included energy security, market stability, sustainability, investments and finance, low-carbon technologies, just energy transitions, energy poverty and diversification. About Crescent Petroleum Crescent Petroleum is the Middle East's first and largest private oil and gas company, with over fifty years of experience operating internationally. Headquartered in the UAE, Crescent Petroleum maintains operations and offices across the Middle East and beyond, and is the largest shareholder in Dana Gas, the region's leading private-sector natural gas company. Contact: Sahara Public Relations Crescent Petroleum
The National
10-07-2025
- Business
- The National
OPEC+ and oil executives deliver optimism from Vienna
The OPEC International Seminar, held biennially, has brought together oil ministers and industry heavyweights from Saudi Aramco and Kuwait Petroleum Corporation to the chief executives of Shell, British Petroleum (BP), and TotalEnergies. This year's gathering unfolded amid one of the most volatile geopolitical backdrops in decades. Yet, ministers struck a calm tone as OPEC+ confirmed a 548,000 bpd production hike starting August. Markets barely flinched while headlines touted rising output, the actual flow of barrels — especially from core 'V8' producers — remains uncertain. Independent oil companies were bullish. TotalEnergies CEO Patrick Pouyanné noted China's demand growth has slowed from 785,000 barrels per day (bpd) to 300,000 bpd, but India is picking up the slack. Global demand still grows at 0.8–1% per year. UAE Oil Minister Suhail Al Mazrouei emphasized OPEC+'s deep market knowledge and defended its strategy, saying others had benefited from the group's restraint. Crescent Petroleum CEO Majid Jafar was struck by the market's resilience following the Iran-Israel flare-up, and expressed relief at the renewed strength in UAE–US ties. Despite analyst confusion over why crude isn't sinking to the $50s, the market is pricing in tightness through year-end. But risks loom — chiefly a U.S. policy misstep, like tariffs, that could trigger a broader slowdown.
