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World's energy demand expected to rise by 35 pct by '40 - min.

Minister of Oil and Minister of Water and Electricity Essam Al-Marzouq delivers his speech in the 3rd Kuwait Oil and Gas Show and Conference (KOGS 2017)
Minister of Oil and Minister of Water and Electricity Essam Al-Marzouq delivers his speech in the 3rd Kuwait Oil and Gas Show and Conference (KOGS 2017)
KUWAIT, Oct 15 (KUNA) -- The latest global oil forecasts issued by the OPEC Secretariat indicated that the world's energy demand will rise by 35 percent by 2040 compared with the level in 2015, Minister of Oil and Minister of Water and Electricity Essam Al-Marzouq said on Sunday.
In a speech during opening the 3rd Kuwait Oil and Gas Show and Conference (KOGS 2017), Al-Marzouq said the share of renewable energy sources, including wind, photovoltaic panels, and geothermal and solar power, will rise in energy mix from one percent in 2015 to five percent by 2040.
The portion of nuclear power is expected to rise from five percent in 2015 to six percent by 2040, he told reporters.
He pointed out that the fossil fuels, including gas, coal and oil, will remain a key source to meet 75 percent of the future energy demand by 2040 compared with 81 percent in 2015.
Despite forecasts of the continued dominance of oil in the future of energy, challenges remain major, mainly in light of the weakness of crude oil prices, he said.
This prompted many governments of oil-producing countries to carry out economic and financial reforms, and to diversify sources of income amid high competition, and the need to increase the efficiency of using energy through applying advanced technology, he indicated.
The minister noted that Kuwait is continuing its plan to implement vital oil projects in accordance with the 2040 strategy without being affected by the oil prices.
The projects include the exploration of crude oil and gas, and refining them, in addition to the expansion of petrochemical products.
He stressed that such projects will enhance environmental performance and safety in oil refineries, and provide new jobs as well as support the country's economic growth.
For this purpose, several joint initiatives and workshops were launched to carry out the local strategic program through partnerships with the private sector, he said.
He referred that a framework has been prepared to boost cooperation amongst oil companies, governmental bodies and the private sector's companies to determine services and industries needed by the oil sector in the coming years, and develop a mechanism to facilitate the transfer of knowledge and modern technologies from the oil sector and international companies to the private sector. (end) osj.hm