$ 859 billion in oil projects in the Middle East and North Africa

The value of ongoing or planned oil, gas and petrochemical projects in the Middle East and North Africa (MENA) region exceeds $ 859 billion.

Of these, projects worth $ 283 billion are being developed, according to DMG Events, the organizer of the International Petroleum Show and the Abu Dhabi Conference (ADIPEC) ) 2019.

This comes from the fact that the region is ready to face the expected increase in energy demand over the next two decades.

Observers expect world oil demand to increase by at least 10 million barrels a day by 2040, while natural gas demand will increase by 40% and petrochemicals by 60%.

Expanding demand for petroleum and petrochemicals is driving investment in the MENA region.

Christopher Hudson, president of DMG Events, said that advanced technologies, global population growth and increased consumer spending were combining to create a new demand for energy.

He noted that the oil and gas sector would continue to satisfy much of this demand until 2040 and beyond.

He stressed that ADIPEC 2019 will be a catalyst for future growth and prosperity of the oil and gas sector, providing industry value chain companies with a forum for direct knowledge of ongoing dynamic changes in the sector. Regional Oil and Gas Investment Decision Making, as well as to enable businesses to undertake the communication required to build successful partnerships and take advantage of the emerging business opportunities created by these investments.