CEOforLIFE

CONTACTS

No Result
View All Result
CEOforLIFE
  • CEOs
    • CEOs HUB
    • CEOs TALKS
    • CEOs AGENDA
    • CEOs MAGAZINE
  • SDGs
    • PROJECTS
    • FORUM
    • AMBASSADORS
    • INSTITUTIONS
  • NOMINATION
    • NOMINATION by Countries
    • NOMINATION by SDGs
  • CEOforLIFE AWARDS
    • Global Awards 2022 – Emirates
  • COUNTRIES
    • GLOBAL
      • AUSTRALIA
      • DENMARK
      • GERMANY
      • ITALY
      • JAPAN
      • MALAYSIA
      • SINGAPORE
      • SPAIN
      • SWITZERLAND
      • UNITED ARAB EMIRATES
      • UNITED KINGDOM
      • UNITED STATES
  • VISION
    • HOW IT WORKS
    • MANIFESTO
    • MISSION
  • JOIN
CEOforLIFE
  • CEOs
    • CEOs HUB
    • CEOs TALKS
    • CEOs AGENDA
    • CEOs MAGAZINE
  • SDGs
    • PROJECTS
    • FORUM
    • AMBASSADORS
    • INSTITUTIONS
  • NOMINATION
    • NOMINATION by Countries
    • NOMINATION by SDGs
  • CEOforLIFE AWARDS
    • Global Awards 2022 – Emirates
  • COUNTRIES
    • GLOBAL
      • AUSTRALIA
      • DENMARK
      • GERMANY
      • ITALY
      • JAPAN
      • MALAYSIA
      • SINGAPORE
      • SPAIN
      • SWITZERLAND
      • UNITED ARAB EMIRATES
      • UNITED KINGDOM
      • UNITED STATES
  • VISION
    • HOW IT WORKS
    • MANIFESTO
    • MISSION
  • JOIN
No Result
View All Result
CEOforLIFE
Home CEOs HUB Robin Mills

Middle East keeping capacity in focus

Middle East region's investments in expanding oil and gas production likely to be worth about $102bn between 2021 and 2023

9 November 2021
Reading Time: 3 mins read
0 0
Middle East keeping capacity in focus
0
SHARES
13
VIEWS
Share on LinkedinShare on Twitter

National oil corporations in the Middle East are continuing to invest substantially in oil and gas capacity improvement projects in order to maintain global market dominance, with billions of dollars in greenfield investments planned. With their capacity development programmes and aggressive capital investment plans for the next years, Abu Dhabi National Oil Company (Adnoc), Saudi Aramco, Kuwait Petroleum Corporation, and QatarEnergy are leading the charge.

According to Robin Mills, CEO of Dubai-based consultant Qamar Energy, there is “likely to be an increasing demand for Middle East oil and gas” over the next two decades, since output from other global suppliers is predicted to fall in an otherwise diminishing crude market. While several big European energy corporations have warned that their oil output may have peaked in the push for energy transition, hydrocarbon production in the Middle East is anticipated to rise at least through the end of this decade.

The most important assets
While Middle Eastern countries pursue diversification initiatives, Wood Mackenzie believes the region’s national players will continue to focus on their core oil and gas assets. According to Ian Thom, research director at Wood Mackenzie, rising oil prices are expected to lead to more upstream investment in the region. “Higher oil prices make budgeting for and approving new investment projects much simpler,” he added, citing a revival in oil and gas investments in the United Arab Emirates, Qatar, and Saudi Arabia.

Thom went on to say that, while a high oil price is great for oil and gas projects, some of the top Middle Eastern producers remain extremely competitive in virtually all demand scenarios. According to Rystad Energy, a crude price of approximately $80 per barrel “momentarily sends a favourable message across the business.” National oil corporations, on the other hand, are dedicated to long-term investments in the sector due to the longer-term prognosis. “Oil and gas investments in the Middle East region stand out globally, with the project pipeline from 2021-2023 likely to be worth around $102 billion,” said Aditya Saraswat, vice president of Rystad Energy Middle East upstream analysis, adding that the investments aim to develop around 35 billion barrels of oil equivalent. “These are mostly oil and gas growth projects from Qatar, the United Arab Emirates, and Saudi Arabia in accordance with their national interests,” he explained.

Adnoc has budgeted $122 billion in capital spending between 2021 and 2025 to increase its oil production capacity to 5 million barrels per day by 2030, up from 4 million bpd now. It also intends to increase its gas production capacity as a result of the Hail & Ghasha, Shah Gas, and Dalma sour gas projects. Saudi Aramco has budgeted $35 billion in capital expenditures for this year, owing to stronger profitability and improving market fundamentals. The vast bulk of Aramco’s investments are anticipated to be directed into its offshore incremental programmes, which are critical to Saudi Arabia’s goals to increase oil production capacity to 13 million barrels per day from the current 12 million bpd. Kuwait Oil Company (KOC) intends to increase its oil production capacity to 4 million barrels per day (bpd) by 2040, up from the present level of over 2.43 million bpd.

Ambitious
The Kuwaiti state actor is set to invest billions of dollars in growth projects over the next five years, but critics have labelled the country’s strategy “ambitious” and fraught with “many potential risks, including Opec+ production curtailments and an uncertain oil pricing environment.” Iraq and Iran also want to significantly boost output in the future years, competing with other big Opec producers like as Saudi Arabia, the United Arab Emirates, and Kuwait. Russia’s Lukoil, which has a strong presence in the Iraqi market, has announced plans to increase production in the nation.

According to Egor Zubarev, general director of Lukoil Middle East, the West Qurna 2 oilfield in Iraq produces up to 400,000 bpd, depending on constraints imposed by Iraqi partners as part of the Opec+ agreement. However, he said that work at West Qurna 2 is advancing “to meet the goal output of 480,000 bpd” in accordance with the field’s ultimate development plan. Lukoil stated that it had committed more over $10 billion in capital and operational expenses in the development of the West Qurna 2 oilfield. “Lukoil intends to make further investments to sustain present levels of output from the Mishrif formation, as well as to begin full-field development of the Yamama formation,” Zubarev said.

Lukoil also stated that it is waiting for authorisation from the Iraqi Ministry of Oil to move forward with the construction of the Block 10 Eridu oilfield project in Dhi Qar region. QatarEnergy, which was recently renamed from Qatar Petroleum to reflect the company’s greater focus on energy transition, has announced major liquefied natural gas development plans in order to reclaim world liquefaction capacity from current leader Australia. Qatar currently has a nameplate liquefaction capacity of 77 million tonnes per year, and continuing development plans at the North Field are expected to increase its LNG output to 126 million tpa by 2027.

 

CEOforLIFE – We promote life. We support the SDGs.

 

 

Source: UpStream
Via: UpStream
Tags: SDGs17SDGs8
Next Post
Adnoc eyes leading role in hydrogen

Adnoc eyes leading role in hydrogen

Comments 2

  1. Elliott says:
    12 months ago

    Great post.

    Reply
  2. Garrett says:
    12 months ago

    That is really attention-grabbing, You are an overly skilled blogger.
    I’ve joined your feed and look ahead to in quest of more of your wonderful post.
    Also, I have shared your website in my social networks

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular News

  • 21 Sustainability Innovations That Might Just Change the World

    21 Sustainability Innovations That Might Just Change the World

    0 shares
    Share 0 Tweet 0
  • Bladeless wind turbine that vibrates to generate power could save more than 500,000 birds killed each year by spinning blades, experts say

    0 shares
    Share 0 Tweet 0
  • This company builds sustainable houses using traditional mud-stone technology

    0 shares
    Share 0 Tweet 0
  • Generating Electricity with Bladeless Wind Turbines – One Household at a Time

    0 shares
    Share 0 Tweet 0
  • Top marks for PUMA’s sustainability efforts 

    0 shares
    Share 0 Tweet 0
  • Trending
  • Comments
  • Latest
Bladeless Wind Turbines Could Be The Future Of Green Energy

Bladeless Wind Turbines Could Be The Future Of Green Energy

14 January 2022
Enerkem achieves a major breakthrough by producing sustainable aviation fuel from local forest biomass

Enerkem achieves a major breakthrough by producing sustainable aviation fuel from local forest biomass

2 March 2022
21 Sustainability Innovations That Might Just Change the World

21 Sustainability Innovations That Might Just Change the World

10 November 2021
Bladeless wind turbine that vibrates to generate power could save more than 500,000 birds killed each year by spinning blades, experts say

Bladeless wind turbine that vibrates to generate power could save more than 500,000 birds killed each year by spinning blades, experts say

27 January 2022
Wiggling Wind Power

Wiggling Wind Power

Class A biosolids and the future of biosolids management

Class A biosolids and the future of biosolids management

Bladeless wind turbine that vibrates to generate power could save more than 500,000 birds killed each year by spinning blades, experts say

Bladeless wind turbine that vibrates to generate power could save more than 500,000 birds killed each year by spinning blades, experts say

What is a “carbon border adjustment mechanism”?

What is a “carbon border adjustment mechanism”?

H&M and Decathlon will make donations and scale back sustainability claims in order to avoid a Dutch Greenwashing crackdown.

H&M and Decathlon will make donations and scale back sustainability claims in order to avoid a Dutch Greenwashing crackdown.

16 September 2022
According to Amazon’s cloud CEO, sustainability and profits “do not have to be at odds.”

According to Amazon’s cloud CEO, sustainability and profits “do not have to be at odds.”

15 September 2022
Pots & Co replaces ceramic pots with glass to strengthen sustainability

Pots & Co replaces ceramic pots with glass to strengthen sustainability

14 September 2022
Google has one of the most ambitious sustainability programmes in Big Tech. Here’s its three-step strategy for saving the earth.

Google has one of the most ambitious sustainability programmes in Big Tech. Here’s its three-step strategy for saving the earth.

13 September 2022

EDITORIAL BOARD

  • About us
  • Join
  • The Magazine

CATEGORIES

  • SDGs
  • CEOforLIFE AWARDS
  • NOMINATION
  • JOIN
Read the magazine
  • Cookie Policy
  • Privacy Policy

© 2021 GFA GENERAL MANAGEMENT S.R.L. | P.IVA 11182700960

No Result
View All Result
  • CEOs
    • CEOs HUB
    • CEOs TALKS
    • CEOs AGENDA
    • CEOs MAGAZINE
  • SDGs
    • PROJECTS
    • FORUM
    • AMBASSADORS
    • INSTITUTIONS
  • NOMINATION
    • NOMINATION by Countries
    • NOMINATION by SDGs
  • CEOforLIFE AWARDS
    • Global Awards 2022 – Emirates
  • COUNTRIES
    • GLOBAL
      • AUSTRALIA
      • DENMARK
      • GERMANY
      • ITALY
      • JAPAN
      • MALAYSIA
      • SINGAPORE
      • SPAIN
      • SWITZERLAND
      • UNITED ARAB EMIRATES
      • UNITED KINGDOM
      • UNITED STATES
  • VISION
    • HOW IT WORKS
    • MANIFESTO
    • MISSION
  • JOIN

© 2021 GFA GENERAL MANAGEMENT S.R.L. | P.IVA 11182700960

Welcome Back!

OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}