29 November 2005
IEA: More investment needed in Middle East, North Africa
THE MIDDLE East and North Africa may have vast natural hydrocarbons resources, but additional upstream investment is urgently needed to develop them quickly enough to supply fast-rising world demand, says the International Energy Agency (IEA). "The importance of the Middle East and North Africa (Mena) to global oil and gas markets cannot be underestimated. These countries have vast resources, but these resources must be further developed. Investment should not be delayed," William Ramsay, the IEA's deputy executive director, said last month. Presenting findings from a new IEA publication, World Energy Outlook 2005: Middle East and North Africa Insights, Ramsay said a lack of investment in up
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