Oil and Gas Projects in the Middle East and Africa: The $900 Billion Opportunity

Oil and gas have long played a significant economic role in Africa and the Middle East. Although many countries are attempting to diversify their economies away from these fossil fuels, hydrocarbons continue to represent a major portion of export revenues and government income in countries such as Saudi Arabia, Nigeria, and Angola. As a result, there are 240 large oil and gas projects either upcoming or underway in Africa and the Middle East, with a total value of approximately $911 billion.

Overview of Oil and Gas Projects in Africa and the Middle East

Most of these projects are in the natural gas sector. There are 121 new sites or expansion projects valued at $510 billion that are either underway or upcoming in this field, including similar stakes in upstream, midstream, and downstream projects. Crude oil follows with 120 projects valued at $406 billion. As expected, upstream and downstream projects surpass midstream oil projects.

Key Oil and Gas Projects

Geographically, oil and gas projects in Africa are primarily concentrated in countries such as Nigeria, Angola, and Egypt. Other significant players include Algeria, Libya, and Mozambique. In the Middle East, Saudi Arabia unsurprisingly dominates regional project activity.

Leading Developers and Contractors

Leading developers in the oil and gas sector include major state producers such as Saudi Aramco, Qatar Energy, and the Abu Dhabi National Oil Company, as well as various multinationals like Total and Eni. The main contractors/EPCs are McDermott, Saipem, and Robt Stone, among others.

Opportunities for Global Suppliers

The global economy will continue to consume enormous amounts of hydrocarbons in the foreseeable future. Oil and gas projects in Africa and the Middle East will remain important business opportunities for both local and global industry players.

Article Source: abiq