( CNN ) -- As record oil prices dominate the headlines , natural gas is an energy sector gaining more recognition . MME 's John Defterios ( JD ) talks with the CEO of Dolphin Energy , Ahmed Ali Al Sayegh ( AS ) about the importance of the natural gas sector , the impact of high oil prices , and increasing global energy demand . CEO of Dolphin Energy : `` it takes four to five years to bring any extra capacity on stream . '' Al Sayegh is head of the largest single energy initiative in the Middle East , linking the three Gulf states of Qatar , U.A.E . and Oman , and producing two billion cubic feet of gas a day , equivalent to 350,000 barrels of oil . John Defterios begins by asking him why his company spent seven years building a giant natural gas plant an pipeline in a region swimming with oil . ( AS ) : It was clear from the beginning , we needed to import gas and the Qataris wanted to export gas . So there was economic alignment . We respected that and they respected our needs , but political will , I believe , these three countries are very close politically and they needed to exercise this closeness and this project provided a fantastic opportunity for us to come together . ( JD ) : It 's fascinating . I do n't think people realize the scope of this field . The Qatari side of the North Field is 14 per cent of the world 's supply of natural gas . This has a long , long shelf life in terms of production , does it not ? ( AS ) : It has a very long life . Our transaction is for 25 years but it can go much longer than that . We hope we will be able to produce more from this field to fill our pipeline to its maximum capacity . ( JD ) : There is a lot of political pressure now , or calls from Washington and the European Union for OPEC to provide more oil , more energy to the global market . But what is the reality ? Is there is a capacity problem or is there not ? What is from your view the reality today ? ( AS ) : The reserves in the Middle East are there and the commitment from the governments in the Middle East to produce those reserves , existing production and extract production is there . The reality is , it takes four to five years to bring any extra capacity on stream . ( JD ) : But did everybody miscalculate the demand realistically from China and India on top of the demand from the existing OECD-countries ? ( AS ) : I think it was , nobody knew there is going to be this much growth , and yes , it was miscalculated . But now , I think , everyone is investing to bring extra capacity on stream . We are doing this in the U.A.E. , in Saudi Arabia , in Kuwait , in Iraq and I think the key issue is to keep producing in a sustainable manner without damaging our environment . ( JD ) : Are you surprised personally about and realistically about this oil price of $ 120 per barrel that we see today ? ( AS ) : I would be much richer if I would not be surprised by this level . I think the demand is real , the region itself is growing and of course you have to add what is happening in China and India . I think , people and economies have adjusted to a $ 100 oil very well and we are happy to continue to provide the capacity and the investment to meet our export requirements . Beyond that anything what I say would be speculation . ( JD ) : I see the tone in the Middle East is much more pragmatic . So there is not a rush to get all this capacity built to get oil to market . Is this a change of attitude that needs to be preserved for future generations now ? ( AS ) : Well , as I have mentioned to you , it must be sustainable . Hydrocarbons are a wealth of all these nations and they must produce them in a sustainable way . We are not reservoirs of oil . We are countries , people and with aspirations and futures . In that respect , I think , we are doing everything we can to bring this capacity on stream on time . And there is no reluctance to do this . The only real limiting factor , and you have been in this region , is the ability to build it , the ability to actually physically build it .
Al Sayegh is head of the largest natural gas initiative in the Middle East . It produces 350,000 barrels of gas a day , equivalent to two billion cubic feet of oil . Kuwait has 14 percent of the world 's natural gas supplies . Al Sayegh : `` the only limiting factor in this region is the ability to build it ''