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Investment prospects across energy value chain

27 February 2009

A growing focus on upstream oil projects, is reflected by a 9% increase in upstream investments in the GCC, from USD 188 billion in June 2008 to a current estimate of USD 204 billion.
Statistics from Proleads data confirmed a marked surge in upstream oil and gas investments, counting 265 projects in January 2009 or a 10.9% increase from just 239 in June 2008.

Investment prospects across energy value chain
Investment prospects across energy value chain

At the same time, there is a realisation that conventional energy resources can be bolstered by renewable energy investments. Not just that, but the environmental impact of making available conventional sources of energy can be minimised through new green technologies and methods.

Published statistics have indicated that the UAE, home to the fifth largest oil reserves in the Middle East, accounts for the highest increase in upstream oil and gas investments, pushing expenditure by 30% to USD 55 billion from USD 42 billion. Qatar has likewise upped oil and gas investments from USD 7 billion to USD 10 billion, including an 11% increase in upstream gas investments, while Kuwait, the most hydrocarbon-reliant country in the GCC, has raised its budget to USD 40 billion from 34 billion.

Bahrain has been reported to be focusing its attention towards drilling deeper oil reserves, while Oman has been targeting to expand crude oil production to 800,000 barrels per day (bpd), up from its current rate of 750,000 bpd. Saudi Arabia, the world's largest exporter of crude oil, has unveiled a strategy to access more than 720 billion barrels of discovered oil resources.

OGS 2009, the 16th edition of the premier oil, gas, renewable energy and automation event expects a sharp surge in participation, and will be held from 27th to 29th October 29 at the Dubai International.

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