• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 6 hours Oil prices going Up? NO!
  • 1 day Could Venezuela become a net oil importer?
  • 29 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 4 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 6 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 7 hours Could oil demand collapse rapidly? Yup, sure could.
  • 1 day Gazprom Exports to EU Hit Record
  • 4 hours Oil prices going down
  • 1 day EU Leaders Set To Prolong Russia Sanctions Again
  • 1 day Why is permian oil "locked in" when refineries abound?
  • 1 day Oil Buyers Club
  • 4 hours Saudi Arabia turns to solar
  • 1 day EVs Could Help Coal Demand
  • 2 days Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 2 days China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 22 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
Alt Text

The Oil Giant That Saw Its Cash Reserves Plunge 90%

India’s top oil exporter has…

Alt Text

Energy Efficiency Adds Value To Home Prices

A new study has suggested…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

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

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News