Bahrain’s Energy Minister said OPEC country members need to invest around $40bn in the oil sector every year up until 2020, KUNA news agency has reported.
Speaking at the Middle East Maintenance Conference and Exhibition, Dr. Abdulhussein bin Ali Merza said the multibillion dollar investment should go towards supporting oil-related operations, maintenance and equipment.
Merza said in a speech at the opening of the event that global oil investment could reach $10 trillion between 2014 and 2040.
The Middle East region will remain the top crude oil exporter and will maintain its leadership in the global oil trade business, he added.
Merza went on to say that oil would remain a major commodity around the world with at least 60% share of other products.
He emphasised on the importance of maintenance to keeping oil products and facilities safe.
Although oil companies were using costly pre-emptive maintenance methods, they are effective in preventing accidents, Merza said.
The Middle East Maintenance Conference and Exhibition is a three-day event taking place in Bahrain between the 7th and the 10th of December.
The event was organised by the Gulf Society of Maintenance Professionals (GSMP) and the Bahrain Society of Engineers (BSE).
