oil and gas

Global experts lay stress on energy transition

May 26, 2021

MUSCAT: An international conference on the role of oil in shaping the future of GCC economies began in Muscat on Tuesday with the participation of local, regional and international experts.

The two-day forum, organized by Mazoon College, opened under the auspices of Sayyid Sulaiman bin Hamoud al Busaidi, Deputy Secretary-General of the Council of Ministers. In opening remarks, the Chief Guest stressed the importance of the conference in identifying the results and reasons that led to the decline in oil prices and alternatives to get out of this global economic crisis, explaining that the government is making great efforts to reduce the impact of this crisis, such as rationalising government spending and other measures.

Dr Juma bin Saleh al Ghailani, Chairman of the Board of Directors of Mazoon College, explained that buoyant oil prices that prevailing prior to the current downturn had fuelled robust growth in the region amid strong fiscal spending by governments. However, following the oil price crash, GCC states can no longer depend on oil revenues alone to fund their economies and must thus reduce their dependence on hydrocarbons.

In this regard, he urged oil producing states in the region to work together to promote trade and commerce, given continued volatility in international oil markets. Nations should harness science and technology to turn to alternative sources of energy and move away from policies influencing oil markets and prices.

A panel discussion featured experts and academics from Sultan Qaboos

University, the University of Technology and Applied Sciences, the Danish University of Aarhus and the Australian University of Technology. A number of research papers were presented focusing on: The relationship between energy and development; A comprehensive observation of causality, correlation and convergence in the different dimensions of the links between energy; Economy and the environment; and Exploring the future scope of renewable energy development as an engine of economic growth in Oman.

The second session of the conference, which opens today, will be

attended by a group of local and international academics from the American International College of Science, Missouri University of Science and Technology and North Carolina State University for Agriculture and Technology, as well as a number of specialists from international companies, and will discuss several topics, most notably global oil prices, the Middle East economy, the next generation of nuclear energy in the Middle East, corporate social responsibility, oil, environment, green energy and developments in energy hybridization for a flexible supply and the impact of renewable and non-renewable energy in the environment.

The third session will include a number of local and international academics and representatives of local and international companies, who will

present a number of research papers on the impact of oil prices on Oman's overall economic performance, energy economics in the GCC countries, the impact of green fuel as alternatives to oil prices on Oman's economy and the importance of decarbonisation of hydrocarbons in the oil industry, and diversification and the oil economy.

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