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
https://youtu.be/QIHZ9f2gECY
READ MORE
Government-led projects will be the focus for construction across the region in 2019 while public-private partnership schemes remain in vogue
The region’s construction market over the past five years has been ...
READ MORE
French firms developed the satellite, platform and optical instrument
The UAE launched on 2 December its FalconEye earth observation satellite from the European Spaceport (CSG) in Kourou, French Guiana by an Arianespace Soyuz ...
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
The opportunities for ensuring sustainable food supply in the UAE and GCC
Food security has long been a priority issue in the Gulf. Faced with a hot, arid climate and limited ...
READ MORE
Oil and gas investment to fall by almost a third in 2020
Annual energy investment is set to fall by an historic $400bn in 2020, according to the International Energy Agency’s ...
READ MORE
Increased pressure on the supply of water is resulting in a regional shift towards private finance and the separation of water and power generation facilities
Securing adequate water supplies is one ...
READ MORE
The first transition of power in half a century will present a serious test of leadership for Sultan Haitham bin Tariq al-Said
The appointment of Haitham bin Tariq al-Said as the new ...
READ MORE
Dubai’s Al-Maktoum International airport works cover the substructure for the West Terminal Building and Concourse 1
Dubai Aviation Engineering Projects (DAEP) has invited companies to express interest in the estimated AED10bn ($2.7bn) ...
READ MORE
Deteriorating market conditions are threatening the delivery of major projects in the emirate
As the trading conditions for construction companies continue to deteriorate, there are growing calls from contractors for more ...
READ MORE
The region’s project pendulum swings
UAE launches defence satellite
Opec+ agrees to deepen oil production cuts
Investing in food security
Energy investment to fall by $400bn
Surging demand opens water investment taps
Oman faces up to the challenges of a
EXCLUSIVE: Prequalification starts for multibillion-dollar airport deal
Dubai contractors look for regulation to counter conspiring
27 February, 2018 | .By WIL CRISP
