• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days Bankruptcy in the Industry
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Middle East Oil & Gas Investment Surges To $294 Billion

gas gauge

Although global oversupply concerns continue to depress crude prices, producers in the Middle East and North Africa (MENA) region have invested around US$294 billion in oil, gas and petrochemicals projects that are at the pre-execution phase.

According to Middle East business intelligence service MEED, the MENA region continues to pour in investments in expanding oil capacity, Saudi Gazette reports. In addition, Saudi Arabia and the UAE are studying investments in higher-cost sour gas and shale gas in order to meet growing domestic demand.

The MENA Oil and Gas 2017 report says that “while oil and gas spending globally is expected to continue to decline, Middle East producers are looking to buck the trend and maintain spending in order to meet production targets.”

In comparison, Wood Mackenzie has estimated that 2017 would be a year of stability and opportunity for global oil and gas. At oil prices above US$50 per barrel, U.S. Independents could increase investment by over 25 percent this year, but total spend for the oil majors is expected to drop by around 8 percent, WoodMac says.

In the MENA region, however, investment will continue to rise. MEED Editorial Director Richard Thompson said, as quoted by Saudi Gazette:

“With an estimated $294bn-worth of projects in the pre-execution phase, the sector provides a wealth of opportunity for business from Saudi Arabia’s ambitious oil-to-chemicals complex to the re-emergence of the Iran oil industry following years of sanctions.”

According to the MENA Oil and Gas 2017 report, Saudi Aramco plans to invest by 2025 a total of US$334 billion in the oil and gas value chain. Kuwait, for its part, is seen spending US$115 billion on energy projects over the next five years to ramp up its crude oil production capacity to 4 million bpd by 2020.

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News