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.
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 ...
Industry experts gathered in Abu Dhabi to discuss disruptive trends in the oil and gas sector
Oil companies in the Gulf must change the way they work if they are to ...
Abu Dhabi energy major will detail investment plans for downstream players at event in Abu Dhabi
Abu Dhabi National Oil Company (Adnoc) wants to intensify its downstream expansion drive in order ...
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 ...
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 ...
Amid strengthening oil revenue and growth conditions, Abu Dhabi is coaxing the economy with a stimulus plan
The outlook for the UAE economy is buoyant upward growth, thanks in part to ...
New downloadable report from MEED, in partnership with Mashreq, brings together a series of case studies on the deployment of technology in oil and gas
The global oil and gas industry is embracing ...
Abu Dhabi's recovery depends on oil prices, while Dubai needs a rebound in aviation and tourism
The UAE had 40,507 Covid-19 infections by 11 June, and although this number continues to ...
The oil projects either planned or under execution in the UAE are worth a combined total of $63.6bn
The UAE has overtaken Kuwait to become the biggest investor in oil infrastructure ...
The signing of a framework agreement between Abu Dhabi National Oil Company (Adnoc) and China National Petroleum Corporation (CNPC) covering potential offshore oil and sour gas fields is the latest ...
The Future of Middle East Energy
ENERGY CLUB 2: Oil & Gas Transformation
Adnoc to launch downstream investment opportunities in May
Opec+ to gradually raise oil output
China ramps up investment in Middle East power
UAE presses forward with an expansionary budget
UAE positions economy for recovery
UAE overtakes Kuwait to lead GCC oil infrastructure
China strengthens role in region’s energy sector
27 February, 2018 | .By WIL CRISP