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
The commercial impact of Covid-19 has dramatically changed the banking needs of companies in the UAE, says latest briefing from Mashreq Bank
Download the complete media briefing here
Over half of ...
READ MORE
The alliance has extended the 9.7 million b/d output reduction ceiling for May and June to July
The Opec+ alliance has agreed to deepen its existing landmark oil production cut agreement, ...
READ MORE
Localisation will create barriers to entry and move the market away from awarding work to lowest priced bidders
Abu Dhabi’s move to introduce the in-country value (ICV) programme into sectors outside ...
READ MORE
South Korean contractor to build underground storage facility in the emirate of Fujairah
Abu Dhabi National Oil Company (Adnoc) has formally signed a $1.21bn contract to South Korea’s SK Engineering and ...
READ MORE
National oil companies in the Middle East and North Africa are forging ahead with oil and gas field development projects and exploration drives
Middle East oil and gas is entering an ...
READ MORE
Adnoc has been able to close the transaction ahead of the expected closing date in the last quarter of this year
Abu Dhabi National Oil Company (Adnoc) has announced it has ...
READ MORE
Middle East manufacturers need to decarbonise their operations to be competitive. It is not easy.
Watch the on-demand webinar here
Middle East manufacturers must invest in decarbonising their operations and their supply ...
READ MORE
By seeking expressions of interest for an estimated $4bn project, Borouge has helped to boost the market
Borouge, the 60:40 joint venture (JV) of Abu Dhabi National Oil Company (Adnoc) and Austria’s ...
READ MORE
Adnoc is evaluating bids received from companies looking to invest in its refineries unit
Abu Dhabi National Oil Company (Adnoc) could make a decision about awarding stakes in its refining business ...
READ MORE
Oil and gas companies around the region are investing in petrochemicals to maximise the value obtained from every barrel of crude oil produced
A report published in October 2018 by the International ...
READ MORE
Companies call for greater financing support from Covid-19
Opec+ agrees to deepen oil production cuts
In-country value could positively transform construction in the
Adnoc formally signs contract for world’s largest oil
Busy years ahead for upstream operators
Abu Dhabi closes Adnoc Oil Pipelines infrastructure deal
Net zero challenge for Middle East manufacturers
Abu Dhabi bolsters regional petrochemicals market
Adnoc plans to award stakes in refining business
ENERGY ROUNDTABLE: Outlook for petrochemical investments in the
27 February, 2018 | .By WIL CRISP
