Middle East Plans to Invest USD294 Billion in Oil & Gas Projects

Middle East: The upstream companies in middle east are investing heavily in oil & gas projects despite low crude oil prices. A whooping USD294 billion is expected to be invested in oil, gas and petrochemical projects in the region. The target of such investments is to keep capacity targets fulfilled and expansion of capacities in some countries. A surge in gas investment is anticipated in Saudi Arabia and United Arab Emirates. As per the MEED director, this investment will provide abundant opportunities to Saudi Arabia’s oil-to-chemical industry and will help in rebuilding of Iran oil industry. 

TechSci Research depicts that such investments will lead to a surge in drilling operations in the region. This is anticipated to fuel demand for drilling fluids during the forecast period. Increasing drilling activities in offshore and onshore fields is anticipated to drive demand for drilling fluids across the globe in the coming years. The projects in the region will be beneficial to the global oil and gas market and will serve as a driver for work force increement in the region. A surge in drilling fluid requirement is anticipated by such investments in the region.  

According to released report of TechSci Research, “Global Drilling Fluids Market By Type, By Application, By Region, Competition Forecast and Opportunities, 2011 – 2021” The global market for drilling fluids is forecast to grow at a CAGR of over 8% during 2016-2021, on account of anticipated increase in oil & gas drilling activities. In 2015, North America dominated demand for drilling fluids across the globe, followed by Asia-Pacific. Moreover, water based drilling fluids dominated global drilling fluids market, due to their environment friendly properties and cost effectiveness.