MEED Mashreq Energy Partnership Newsletter – Annual roundup 2019/2020

UNCHARTED TERRITORIES

Regional producers reel from the economic impact of Covid-19. As global oil demand takes the slow path to stabilisation as battered economies in the Middle East and North Africa (Mena) region climb the slippery slope to recovery, concerns surround the resurgence of Covid-19 cases in the US, India and parts of Europe. South Korea has declared ‘a second wave’ of infections, shortly after social distancing rules were eased in May.

BROADENING HORIZONS

Oilfield service companies must adapt and innovate to survive in the wake of the Covid-19 pandemic. By 7 June 2020, more than 6.6 million worldwide had tested positive for Covid-19 and over 393,000 people were confirmed to have died due to the virus. Experts advised that in order to stop public health systems from becoming overloaded, it was critical to stop the spread of the virus by minimising social interaction and restricting travel.

ENERGY INFRASTRUCTURE

Unstable global energy demand outlook, combined with looming geopolitical threats, is seeing regional oil and gas producers ramp up transport and storage capacities. The fall in oil prices as a result of the impact of the coronavirus epidemic on the Chinese economy has highlighted the fragile state of the world’s energy markets at the start of 2020.

SUSTAINABLE VISION

Governments across the MENA region are recognising the need to strategize their renewable energy investments. In this latest market briefing paper, SUSTAINABLE VISION, the MEED Mashreq Energy Partnership looks at the current and planned activities in the MENA region’s clean energy sector. Sustainable Vision identifies key renewable energy trends in the region, and highlights the government strategies to achieve renewable energy targets.

RENEWED AMBITIONS

Oil producers across the Middle East and North Africa (MENA) are increasing their focus on investments in petrochemicals and other high-value oil derivatives. In its exclusive market briefing paper, the MEED Mashreq Energy Partnership provides a detailed snapshot of the current and planned activity in the MENA region’s petrochemicals sector, and it identifies key players in the region and their strategic policies.

THE QUEST FOR GAS

About $33.5bn-worth of gas exploration and production projects are under execution across the Middle East and North Africa (Mena) according to MEED’s projects database MEED Projects, making the Mena region one of the leading upstream gas markets globally. Boosting natural gas production has become a priority for governments in the Mena region, as they seek to meet rising domestic demand, which has grown by up to 15 percent annually, led by the power and industrial sectors.