‘Insufficient investments can cause oil, gas price hikes’

United Arab Emirates Energy Minister Suhail al-Mazrouei said on Monday insufficient investments in the oil and natural gas industry could lead to a hike in energy prices.

Oil and gas are needed to ensure reliable supply of energy during the transition period required to implement non-carbon emitting projects, he told the Africa Oil Week conference in Dubai.

Separately, Al Mazrouei told the ‘African Oil Week’ conference that oil and gas are needed to ensure reliable supplies of energy during the transition period toward clean energy adding that insufficient investments in the oil and gas industry could lead to higher energy prices. 

The UAE, he added, is willing to invest in African solar and wind projects, and sees potential in developing hydrogen as an energy source.