Gulf states to spend $320bn in the oil and gas sector

Oil storage

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
BRIEFING PAPER: The Quest for Gas
Natural gas production maintains steady incline Middle East producers are boosting natural gas output to meet rising energy demand About $33.5bn-worth of gas exploration and production projects are under execution across the ...
READ MORE
Petrochemicals industry is starting to evolve
Steps have been taken to get around the region’s gas shortage, but competitive threats remain The seismic shift in the GCC petrochemicals sector that consultants and analysts have been predicting for more ...
READ MORE
Refinery
International engineering consultancies are bidding for a 2030 oil and gas masterplan study in Kuwait, according to an industry source. The winner of the contract will be responsible for looking at ...
READ MORE
Abu Dhabi oil opens up assets to global investors
State oil producer had already shown signs of a change in partnership strategy Lower oil prices over the last three years have forced national oil companies (NOCs) in the Middle East ...
READ MORE
Abu Dhabi closes Adnoc Oil Pipelines infrastructure deal
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
UAE oil and gas contract awards rebound
So far in 2017, there have been engineering, procurement and construction (EPC) contract awards worth a total of $2,265m in the UAE’s oil, gas and petrochemicals sector, according to regional ...
READ MORE
Abu Dhabi’s stimulus package to be met by increased oil revenues
The UAE emirate had prepared a budget based on a $50 a-barrel oil price US ratings agency Moody’s Investors Service expects Abu Dhabi’s $13.6bn stimulus package to be fully met by increased oil ...
READ MORE
Three firms tie for title of top EPC contractor
Total value of deals secured by top 10 contractors down 40 per cent from last year The UK’s Petrofac, Italy’s Saipem, and Japan’s JGC Corporation have tied for the title of ...
READ MORE
The risk of US shale hype in global energy pricing
Prevailing energy analysis has focused heavily on US shale oil production and US oil storage, but perhaps at the cost of keeping an eye on the big picture Since the start ...
READ MORE
Covid-19 will shape future business in the region
The IMF predicts a strong rebound in global GDP growth in 2021, but the effects of the Covid-19 pandemic will torment the Middle East market for years to come Click here ...
READ MORE
BRIEFING PAPER: The Quest for Gas
Petrochemicals industry is starting to evolve
Kuwait considers another new refinery
Abu Dhabi oil opens up assets to global
Abu Dhabi closes Adnoc Oil Pipelines infrastructure deal
UAE oil and gas contract awards rebound
Abu Dhabi’s stimulus package to be met by
Three firms tie for title of top EPC
The risk of US shale hype in global
Covid-19 will shape future business in the region
27 February, 2018 | .By WIL CRISP