Mubasher: Investing in the conventional oil and gas industry remains a major component and challenge in the short-to-medium term, Gulf Energy Information said in a recent statement.

This challenge comes despite the move towards a long-term lower-carbon future energy combination, according to delegates at Petroleum Economist's Fifth Annual GCC Energy Strategy Forum in Kuwait City, Gulf Energy said.

Renewable resources represent the largest growth area in the region’s new energy supply, as these renewables maintain conventional hydrocarbon production to meet growing global energy demand that is essential, Global Oil and Gas Transaction Advisory Services Leader at consultancy EY Andy Brogan said, according to Gulf Energy.

“The current $430 billion/year investment is not enough to keep up with current demand trends, only matching as the minimum requirement for EY's low oil demand scenario, Brogan said. The firm's medium demand case requires $750 billion/year of capital expenditure,” the statement added.