- 29 Jul 2021
Oil & Gas Market Scenarios: Prospects for the GCC countries in a “Net Zero by 2050” World
(This event is organised by MEI Political Economy research cluster.)
Abstract
On 18 May 2021, the International Energy Agency (IEA) published a landmark report on a pathway to net-zero carbon emissions by 2050. Among the many proposals in the report is the call to immediately end investments in oil and gas exploration and development.
Gulf Cooperation Council (GCC) economies still depend heavily on oil and gas for their national income, government budgets and social order. They have all, to varying degrees, embarked on economic diversification initiatives over the last several years to reduce such dependency. However, the dual shocks of relatively low oil and gas prices since mid-2014 and the pandemic-induced global economic slowdown in 2020 afflicted the GCC countries at a time when the urgency for promoting economic diversification, expanding employment opportunities for their youthful population and attaining fiscal sustainability had already become critical.
This webinar seeks to explore the following questions facing the GCC:
- How credible is the IEA pathway to net zero by 2050 and how will this affect the price and volume outlook for oil and gas exports from the GCC?
- By discouraging private sector investments in the oil and gas, are the policies promoted by the IEA favourable to the national oil and gas companies (NOCs) in the GCC and OPEC+ more generally, regarding their market shares in global oil and gas markets?
- Are there specific corporate strategies that GCC NOCs will tend to favour if the OECD countries adopt policies recommended by the IEA in the “net zero by 2050” scenario?
This public talk will be conducted online via Zoom on Thursday, 29 July 2021, from 7.30pm to 9pm (SGT). All are welcome to participate. This event is free, however, registration is compulsory. Successful registrants will receive a confirmation email with the Zoom details closer to the date of the event.
Photo by Zbynek Burival on Unsplash
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About the Speakers
Senior Vice President, Research and Development
Professor of Practice
Khalifa University of Science and Technology, UAE
Dr Maxime Schenckery
Director
Center for Energy Economics and Management,
IFP School
Mr Guy F Caruso
Senior Adviser (Non-resident)
Energy Security and Climate Change Programme
Centre for Strategic and International Studies (CSIS)
Moderator: Dr Tilak Doshi
Visiting Senior Research Fellow
MEI (NUS)
Dr Steven Griffiths is Senior Vice President for Research and Development and a Professor of Practice at the Khalifa University of Science and Technology in the UAE. At Khalifa University, he oversees the development and implementation of the institution’s research strategy and operations.
In addition to his executive management role at Khalifa University, he is an advisor to the UAE Research Programme for Rain Enhancement Science, a Zayed Sustainability Prize Selection Committee member, a member of the Dubai Future Council on Energy, an elected member of the Global Energy Prize International Award Committee, a governing board member of the Graphene Engineering Innovation Center at the University of Manchester, member of the UAE Artificial Intelligence Expert Group and board member of the Microsoft Energy Core.
He is also Associate Editor and an editorial board member of Elsevier’s international journal Energy Strategy Reviews and Elsevier’s international journal Smart Energy, Associate Editor and editorial board member of Springer’s international journal Energy Transitions and a Non-resident Fellow of the Payne Institute at the Colorado School of Mines.
Dr Maxime Schenckery who holds a PhD in economics is Director of the Center for Economics and Management of Energy at IFP School (France). From 2016 to 2018, he was the CEO of ePwak Energy Research, a research and consulting company specialised in energy scenarios generation. Following that, he was a visiting researcher for King Abdullah Petroleum Studies and Research Centre in Saudi Arabia over natural gas management issues. In his time as head of market analysis and forecast at Qatar Petroleum from 2010 to 2015, he supervised energy prices forecast and prior to that, he was an economic advisor – expert Oil and Gas North America – at the French Consulate in Houston in the United States but also worked for Ernst & Young Consulting and Schlumberger.
Mr Guy F Caruso is a Senior Advisor in the Centre for Strategic and International Studies (CSIS) Energy and National Security Programme. From 2002 to 2008, he served as an administrator at the Energy Information Administration (EIA), the statistical agency within the US Department of Energy that provides independent data, forecasts and analyses regarding energy. Mr Caruso has acquired over 40 years of experience in energy, with particular emphasis on topics relating to energy markets, policy and security. Prior to joining EIA, Mr Caruso was director of the National Energy Strategy project for the US Energy Association. In 2019, he was elected as the president of the US Association for Energy Economics.
Mr Caruso has also worked at the Paris-based International Energy Agency, first as head of the oil industry division where he was responsible for analysing world oil supply/demand and developments in the oil industry and later, as director of the office of non-member countries where he directed studies of energy-related developments in emerging economies. He holds a B.S. in business administration and an M.S. in economics from the University of Connecticut and earned his M.P.A. from Harvard University.
[Moderator] Tilak Doshi received his PhD in Economics in 1992 from the University of Hawaii’s East-West Center, and his MA and BA in Economics and History from the Victoria University of Wellington, New Zealand.
Tilak’s area of expertise is the oil and gas sector. He has worked in a number of organisations: in ISEAS as a Fellow and the Head of the Energy Project, at Arthur D Little as the Principal Consultant for Energy Practice, at Saudi Aramco as a specialist for Business Analysis and Corporate Planning and for the Crude Oil Sales and Marketing department. He was previously the Chief Economics and Principal Fellow at the Energy Studies Institute, NUS and the Programme Director and Senior Research Fellow at King Abdullah Petroleum Studies and Research Centre (KAPSARC) in Riyadh. He was the Managing Consultant at Muse, Stancil & Co. (Asia), based in Singapore from 2016-2019.
