Gulf states to spend $320bn in the oil and gas sector

27 February, 2018 | By WIL CRISP

Gulf states are planning to spend $320bn in the oil and gas sector, according to Suhail Mohamed al-Mazrouei, the UAE’s Minister of Energy & Industry and the current Opec Conference President.

Saudi Arabia, Kuwait and the UAE are each planning to invest $100bn, according to Al-Mazrouei.

The UAE energy minister said he believed the US was also seeing a high level of investment, speaking at the International Petroleum Week conference in London.

“We need more investment,” he said.

Al-Mazrouei said that if there was not enough investment on production there could be future price volatility in energy markets.

He said that there was a risk that “when a shock comes we won’t have enough supply to meet demand,” and a buffer of spare production capacity is needed to prevent future boom and bust cycles.

Global investment in oil and gas during 2017 lagged behind levels recorded in 2015 and 2016.

Middle East Energy in the 21st Century

New downloadable report from MEED, in partnership with Mashreq, examines how the Middle East’s energy sectors are gearing up for a new future Oil producers are looking beyond their dependence on fossil fuels ...

Centres of Excellence (COEs) in Healthcare

Globally, the interest in healthcare excellence has grown exponentially, with public and private institutions shifting their attention from meeting targets to achieving excellence. Hence, healthcare delivery is inclining towards Centres ...

UAE construction rethinks capital spending plans

Covid-19’s impact on consumer spending demand and government finances may lead to greater challenges for the UAE construction sector in 2021 This article is extracted from the report 'UAE Construction After ...

Contract award delays beset power sector

This year looks good compared to 2019, when there was a record low for contract awards An estimated $3.17bn-worth of power generation contracts were awarded in the first nine months of ...

Ushering in a new oil era

How a robust outlook for global oil demand is triggering exploration and production in the region In spite of the downside risk for oil prices, there is therefore an ongoing need ...

Abu Dhabi developer plans to implement hyperloop

First Hyperloop TT section to cater to Alghadeer on the border of Abu Dhabi and Dubai Abu Dhabi-based Aldar Properties has signed a memorandum of understanding (MoU) with US-based Hyperloop Transport ...

Jordan’s construction segment sees lull in big projects

The construction market in Jordan has been subdued since the 2014 fall in oil prices, which saw most major market-changing schemes cancelled Despite being an oil importer, Jordan has not managed ...

Saudi Arabia balances economics and safety

Plunging oil prices triggered a SR34.1bn deficit in Saudi Arabia’s first quarter budget The region’s largest economy has the most to gain, or lose, depending on how quickly the Covid-19 pandemic is contained ...

BROADCAST 2: Improving productivity and efficiency in the region’s construction market – Highlights

As the era of low oil prices places increasing pressure on government finances and project cash flow, the GCC projects industry needs to address some deep-rooted problems that are undermining ...

China ramps up investment in Middle East power

China investment makes up an increasing proportion of the financial support for the largest projects in the region’s power sector The financial close of the $4.4bn fourth phase of Dubai’s Mohammed ...