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.
Related Posts
Amid a decline in global oil demand due to the Covid-19 pandemic, Opec has, for the first time, placed a date on the likely point of peak oil demand
On 13 ...
READ MORE
Infrastructure owners are seeking new ways to fund strategic projects
With national finances straining from weak oil prices and the unplanned spending needed to support economies through the Covid-19 pandemic, one ...
READ MORE
The impact of the health crisis on the region’s economies continues to play out
On 22 March, Dubai-based Emirates airlines announced the shocking news that it was suspending all passenger services for ...
READ MORE
The Kuwait Oil Company project is worth $4.1bn
The first phase of the Kuwait Oil Company (KOC) Ratqa Lower Fars Heavy Oil megaproject is on course to be completed in March ...
READ MORE
Adnoc Onshore is preparing to invite bids for two contracts aimed at developing its North East Bab site, according to industry sources.
The subsidiary of Abu Dhabi National Oil Company (Adnoc) ...
READ MORE
Despite the appetite for a growing pipeline of infrastructure projects, significant barriers remain to the flow of global liquidity into the regional project market
Across the Middle East and North Africa ...
READ MORE
Understand the Covid-19 outbreak, its impact on the global and regional economy, and initial implications for specific sectors
Click here to download the full document
READ MORE
Nasdaq Dubai has listed two green bonds and signed a cooperation agreement with law firms
Dubai has further strengthened its ties with China’s financial sector with Nasdaq Dubai signing a cooperation agreement with ...
READ MORE
Project has stalled since Shell pulled out in 2016
Abu Dhabi National Oil Company’s (Adnoc's) $10bn Bab sour gas project is seeing progress, according to the company’s chief economist Kamel Ben ...
READ MORE
Costs in Riyadh will increase the most with gains of 5 per cent
Construction costs in the Middle East are expected to increase during 2019, according to a report by UK-based ...
READ MORE
Opec recognises concept of peak oil demand
CONNECT SERIES: A new road for project finance
Surviving the Covid-19 economic crisis
EXCLUSIVE: Phase one of Kuwait heavy oil scheme
Adnoc prepares to invite bids for two field
The infrastructure financing challenge
Coronavirus executive briefing (31 May)
Dubai deepens ties with Chinese financial sector
Adnoc says its $10bn Bab sour gas project
Construction costs are expected to rise in 2019
27 February, 2018 | .By WIL CRISP
