Saudi Aramco: The Future of Oil and Gas - GineersNow Petroleum Saudi Aramco, The Future of Oil & Gas Industry | Page 14

MENA’s Continued Investment in
Oil & Gas: A Defiant Stance
Amidst concerns of superfluity and suppressed prices, approximately USD 294 billion of
petrochemical, oil & gas projects are said to be underway across the MENA region
Driven by its objective to expand is gas capacity,
the UAE is now looking to develop new sour
gas reservoirs. This is said to include major
projects in the Bab and Hail fields, as well as the
expansion of the Shah gas field.
The persistently low oil & gas prices, not helped
by the observed conflict in certain parts of the
region, has weighed heavily on the economic
prospect of the Middle East and North Africa
(MENA). The International Monetary Fund
forecasts the overall growth of the region for this
year and the next to be in the area of a mere
3.2%.
But, amidst the depressing economic projection,
concerns of superfluity and stubbornly
suppressed prices, approximately USD 294
billion of oil, gas and petrochemical projects
are said to still be underway across the MENA
region.
Spotlight: Select Regional
Developments in the Oil & Gas
Sector
Investment in oil & gas operations remains to
be a crucial focus of oil producers in the MENA
region to meet exponentially rising energy
demands and to replace consumed or depleted
natural resources.
As a case in point, let us take a close look at
major oil & gas developments brewing in the
region.
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Construction Leaders • April 2017
Saudi Arabia is home to two of the region’s
largest oil & gas projects underway: Sabic’s oil-
to-chemicals project and Aramco’s integrated
refinery and petrochemicals development, both
in Yanbu. Additionally, Aramco is said to be
planning to pour in USD 334 billion into its oil
& gas activities by 2025. The world’s largest oil
& gas company is reportedly keen at looking at
expanding its gas capacity, which includes the
development of non-associated gas fields in the
Gulf and expanding shale gas production in the
north
Saudi Arabia is also reportedly planning to list
Saudi Aramco in the stock market, with an IPO
that values the company at a staggering USD 2
trillion.
For its part, Kuwait is expected to invest USD
115 billion on energy projects over the next
several years to help enhance crude production
capacity, keeping in mind its target of four million
barrels a day by 202