The Arab Gulf States announced $10 billion worth of new projects in the oil and gas industry

[ Time:2021-04-23 | Hits:492 ]

According to media reports on April 21, a new report released this week shows that in the first quarter of 2021, the Arab Gulf countries announced $10 billion worth of new projects in the oil and gas industry. It is worth mentioning that the total amount of projects in all industries is $32.3 billion.

In the first quarter, the Gulf Cooperation Council (GCC) - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates - added second only to the public sector in the value of projects, according to trade Arabia. BNC network estimates that the total value of utility projects announced is $14.5 billion.

Among them, Saudi Arabia accounted for 54% of the total value of the projects announced in the first quarter, reaching 19 billion US dollars, followed by Qatar, accounting for 21%. In the oil and gas sector, with Qatar announcing the expansion of its liquefied natural gas (LNG) capacity, Qatar made the largest contribution to the $10 billion GCC project in the first quarter.

Qatar approved the capacity of the world LNG project in February 2021. At that time, Qatar Petroleum Company made the final investment decision to build the North Field East Project (NFE), which will increase Qatar's LNG capacity from 77 million tons per year to 110 million tons per year in 2025. The project is expected to be put into operation in the fourth quarter of 2025 and will cost US $28.75 billion, making it one of the largest investment projects in the industry in recent years.

Qatar also plans to expand the second phase of North field, the world's largest natural gas field shared with Iran, which will further increase Qatar's LNG production capacity from 110 million tons / year to 126 million tons / year. The expected production date is 2027.