28 Mar 621 oil and gas projects to be developed in the Middle East
GlobalData has reported that there will be an expected 621 oil and gas projects developed between 2023 and 2027.
These projects consist of 81 upstream projects, 141 midstream projects, 84 refinery projects and the majority going to petrochemical projects at 315. New build projects are expected to lead the upcoming project landscape in the Middle East, constituting around 78% of the total projects across the value chain.
These new build projects are mostly present throughout Iran, with many entering the construction and commissioning stage. Around 45% of the projects are expected to start operations between now and 2027.
The majority of expansion-based projects will take place in the United Arab Emirates and across Saudi Arabia.
Only 34% of the projects have currently been approved, meaning 66% are still in pre-planning stages.
The projects will further optimise the oil industry that has proven extremely financially successful in the Middle East, enabling greater quantity of trade and the safe extraction and processing of oil.
Of course, safety must be at the heart of these projects. Only last week the Kuwait Oil Company declared a state of emergency following an oil leak in the west of the country.