The FINANCIAL — About $140 billion worth of engineering and construction contracts have been either awarded by the national oil companies or are planned throughout the Middle East in 2011, according to research conducted by Deloitte, a global consultancy firm.
The research shows that over the next five years, the Middle East will witness strong growth in hydrocarbon production as the world's dependence on fossil fuels continues.
Kate Dourian, Middle East editor for Platts, a global energy information provider, told Gulf News most of the new oil projects in the region, both upstream and downstream, are running behind schedule.To attain forecast production levels, drilling activity, both onshore and offshore, must grow at a considerable rate due to the increasing demand for rigs and associated drilling services, the Deloitte research showed.
Deloitte forecast that the cost of drilling in the Middle East and North Africa (Mena) region would surge by more than $10 billion to $28 billion by 2014.
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