Gas production growth in the Middle East over the period to 2025 will be “driven by the ramping up of large conventional projects in Saudi Arabia, Iran, Israel, Iraq and Qatar” according to the IEA. Within this, Saudi Arabia is slated to be the key driver. Little wonder then that Apicorp’s Mena Energy Investment Outlook to 2024 released this week, places Saudi Arabia top of the list for planned regional energy investment, at around $75bn over the next five years. Some $39bn of this is on gas projects.
The IEA sees the Middle East as a key near-term contributor to growing global gas supplies, but acknowledges in its Gas 2020 report released 10 June that “the oil price collapse and uncertainty represent a substantial downside risk in the first years of the forecast.” (CONTINUED - 979 WORDS)