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.

UAE set for post-Covid recovery in 2021

While short-term challenges must still be overcome, the UAE remains an attractive place to do business as its 50th anniversary nears As the world recovers from the ravages of the Covid-19 ...

IMF sharply lowers regional growth projections

Downward revision comes as IMF warns of deteriorating economic headwinds for the region The IMF has downgraded sharply its forecast for regional economic growth due to lower-than-expected oil prices and a ...

Business continuity measures support long-term recovery

The approach to crisis management and greater flexibility to deal with the pandemic can positively shape long-term business plans, says latest briefing from Mashreq Bank · The UAE economy strengthened significantly ...

Dubai to spend less on infrastructure in 2019

Budgeted spending allocated for infrastructure in 2019 drops 22.6 per cent compared with 2018 Dubai’s budget for 2019 has 22.6 per cent less spending allocated to infrastructure projects compared with the ...

Mashreq appoints new CEO

Former CEO Abdul Aziz al-Ghurair has been appointed as new chairman of board of directors Dubai-based bank Mashreq has appointed Ahmed Mohamed Abdelaal (pictured above) as its new CEO, replacing previous ...

Coronavirus blights Opec and non-Opec cooperation

Opec+ failing to deliver extra production cuts has not only stunned industry watchers, but has also dealt a severe blow to the grouping’s cooperation mechanism In the run up to the ...

UAE among world’s most prepared for autonomous vehicles

The UAE surpassed countries including South Korea and Japan in the first edition of a global index published by KPMG The UAE is the eighth-most prepared country in the world in ...

Renewable energy projects show changing market

Few conventional thermal power plant tenders will be floated this year Tendering activity in the region’s power sector this year conveys the changing nature of the utilities market. Following the award of ...

UAE moves to accelerate major infrastructure schemes

Project support is part of $4.4bn economic stimulus package approved by federal cabinet The UAE cabinet approved a AED16bn ($4.4bn) economic stimulus package on 22 March that includes measures to accelerate ...

Managing mental health through various mobile applications

Mental health conditions are quite prevalent worldwide, with almost 10% of the global population suffering from a mental disorder[1]. As per WHO, one in four people in the world are ...