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Qatari minister sees more oil cooperation amid financial crisis

KUWAIT, March 30 (KUNA) -- Qatari Minister of Energy Abdullah Al-Attiya said he Monday he believed the current global financial crisis could have favorable aspects, including possible closer cooperation and mutual benefit among national and international oil companies.
The minister was speaking during the ongoing forum of national and international oil companies, which kicked off here earlier in the day.
"The current situation has forced all national and world companies to unite effort to overcome such hard times," he said.
However, the financial crisis has produced fresh challenges, chiefly regarding the financing of necessary infrastructure and technology projects, given the fact that the oil sector would be seriously affected in case of cancellation or even delay, he said.
On the role of national companies in world oil industry, he said: "It has become well-known that the production of hydrocarbon substances by national oil companies has been on the increase compared to world oil companies' quotas.
" The relationship between national and international oil companies is based on mutual benefit, he said.
Speaking to reporters on the sidelines of the forum, the Qatari minister regarded the current oil prices of 40-50 dollars/barrel as reasonable given the current global financial crisis.
But, Al-Attiya believed that the current world situation needed to be finessed through realistic steps. "We have to tackle the current crisis in a realistic manner, rather than through hopes," he said.
On the next OPEC meeting on May 28, he said the cartel is not expected to decide a further output cut.
But, he hailed OPEC member countries' commitment to earlier output cutbacks as "the strongest commitment in the cartel's history." For his part, the World Energy Forum (WEF) chief estimated investments needed by world oil industry at round USD 12 trillion until 2030; USD 500 billion per annum.
But, he regretted that the current oil prices could not give a boost to such investments which oil producers have to inject to meet growing demand for oil.
He stressed the importance of cooperation among national and international oil companies in this respect.(end) ahj.aa.mt KUNA 301417 Mar 09NNNN