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

Abu Dhabi 08-08-2019 / WAM
The value of oil, gas and petrochemical projects being implemented or planned in the Middle East and North Africa (MENA) region has reached more than $ 859 billion, including $ 283 billion worth of developments, according to DMG Events, the organizer of the exhibition. Abu Dhabi International Petroleum Conference (ADIPEC) 2019.
This comes in light of the region’s readiness to meet the expected increases in energy demand in the next two decades as observers expect that global demand for oil will increase by at least 10 million barrels per day by 2040, while demand for natural gas will grow by 40% and petrochemicals By 60 per cent.
The expansion in demand for petroleum and petrochemical products is driving investment across the Middle East and North Africa (MENA) region. Christopher Hudson, president of DMG Events, said cutting-edge technologies, global population growth and increased consumer spending were meeting to create new energy demand. The oil and gas sector will continue to meet much of this demand until 2040 and beyond.
He emphasized that ADIPEC 2019 will be a catalyst for future growth and prosperity in the oil and gas sector, providing companies across the value chain in the sector a forum for first-hand knowledge of the dynamic changes taking place in regional oil and gas investment decision-making, as well as enabling companies to undertake Communication necessary to build successful partnerships and take advantage of the emerging business opportunities these investments create.