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.
The 23-nation grouping has agreed to collectively raise output by 500,000 b/d from January 2021
Oil producers from Opec and their non-Opec allies, after days of intense back and forth discussions, agreed ...
Alongside existing strategic oil projects, the discovery of a giant offshore reserve at Khalij al-Bahrain has livened up Manama’s energy prospects
When Bahrain’s Oil Minister Sheikh Mohammed bin Khalifa al-Khalifa announced ...
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 ...
Recent discoveries will make the Abu Dhabi-led drive for gas self-sufficiency a shared endeavour with the emirates of Sharjah and Dubai
With natural gas now firmly established as the global power ...
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 ...
New downloadable report from MEED, in partnership with Mashreq, examines how the region’s oil producers are responding to changing energy demand.
The fundamentals of future energy demand look good for Middle East oil ...
Firms are viewing the hydrocarbons-rich Caspian region as an emerging market with potential
There is no doubt the past few months have been tough for regional engineering, procurement and construction (EPC) ...
The state energy giant and its downstream partners favour bolt-on refining and petrochemicals capacity
Saudi Aramco is executing major plans to expand its refining and petrochemicals production capacity primarily through expanding ...
The timing of peak oil demand will be significant for oil producers in the Mena region as it will require stakeholders to transform their operations
The world currently consumes about 99 ...
Many oil producers are unprepared for the inevitable and expensive task of disposing of oil and gas facilities at the end of their productive life
Exploitable oil reserves were first discovered ...
Opec+ to gradually raise oil output
Bahrain holds on to energy revival hopes
ENERGY ROUNDTABLE: Outlook for petrochemical investments in the
UAE’s gas discoveries bring self-sufficiency goal closer
Busy years ahead for upstream operators
The Future of Middle East Energy
Contractors look to the East for new opportunities
Aramco charts a grounded downstream strategy
Energy industry prepares to tackle life after peak
Middle East faces major decommissioning challenge
27 February, 2018 | .By WIL CRISP