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16 11 2018
National oil and gas companies are preparing to expand their projects and invest more in the coming years, especially with the stabilization of oil prices.
In addition to the adoption of the Supreme Petroleum Council, about 486 billion dirhams have recently been allocated to support the growth and expansion projects of ADNOC over the next five years and bring the capacity of oil production to 5 million barrels per day by 2030, which will increase the size of the companies.
"The rise of oil after a sharp decline has left more than two-thirds of its value in three years, pushing companies to take on new projects and expand their business, including exploration," officials said. the oil sector in an economic statement on the sidelines of the Congress and International Petroleum Exhibition in Abu Dhabi (ADIPEC 2018) Development, production, gas, refining and petrochemicals, as well as plans for growth and expansion.
The price of oil has recovered over the past year and is currently at $ 86 per barrel in October, before falling again this week to $ 66 per barrel yesterday.
Officials and experts added that the next step would require companies to invest more to increase their production capacity, especially after OPEC confirmed the need for the oil and gas sector to obtain about 10 $ 500 billion of investments until 2040 to meet the expected growth in demand for energy and petroleum products. .
Expansion and growth
Ahmed Rahma Al Masoud, vice president of Al Masaood, plans to increase the company's plans and investments in the oil and gas sector by 25%, particularly after the announcement of the expansion strategy and DNAOC, which will benefit all national companies operating in the sector. .
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Al Masaood added that the company continues to operate in the local market through a series of mega projects, while continuing to continuously seek new investment opportunities to expand and increase its volume in the oil sector and gas, currently estimated at one billion dirhams.
New investments
"The return to stability in global oil markets is a catalyst for businesses to grow and develop after a period of relative calm following the sharp decline in crude oil prices in recent years," said Jamal al-Jubaili. , oil expert, director of Al-Fanar Gas.
"With oil prices currently reaching between $ 70 and $ 80, all companies will expand their projects and inject new investment, especially since oil is a major driver of Gulf economies," he said. declared.
Business structuring
Ali Abdulmalik, general manager of Imdaad Oilfield Services, said the company wanted to expand its business in cooperation with its strategic partners, especially after recently restructuring and launched a new identity.
He added that the company was determined to continue to grow and expand in the oil sector over the coming period, particularly as its business was primarily drilling, producing and refining. It has achieved 14% growth despite market conditions and hopes to continue this growth. 10% during the year 2018.
Increase confidence
Abdulla Al Mazrouei, president of the Al Mazrouei group, said: "The company hopes to expand its activities in the oil and gas sector, currently estimated at 500 million AED," adding that the large investments of the ADNOC group have boosted confidence national companies operating in this sector.
© Declaration 2018
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