Senior oil and gas professionals in the Middle East and North Africa (MENA) have recorded elevated enthusiasm about the future of the industry in 2019. This has been revealed in a recent survey by DNV GL
- the technical adviser to the oil and gas industry. A Test of Resilience
, the companies’ ninth annual study, is research based on a global survey of nearly 800 participants within the oil and gas sector, as well as in-depth interviews with industry leaders regarding the outlook of the near future within oil and gas.
According to The National,
83% of respondents expect to see an increased or preserved capital expenditure within their companies in 2019. This is the highest level of confidence surveyed by the DNV GL both regionally and globally. There is a distinct change in the predictions of success as predictions on capital were recorded at 63% for 2018. When compared to the coming year we can see a positive forecast of industry success.
National oil companies in MENA recognize the opportunity to expand and spend more on advancing output and refining production capacities. These results appear as various firms in the MENA region announce plans to increase spending to raise oil production throughout the coming years. The National further state that The Abu Dhabi National Oil Company plans to spend Dh486 billion over the next five years as it implements projects aimed to increase oil output capacity to offer an extra 1 million barrels of oil per day (bpd) by 2020.
revealed that further increased investment will result the rise in oil prices. The world will still require a significant amount of oil and gas in the coming decades, therefore investment will not be misplaced. Predictions explain that Energy Consumption within the MENA region will continue to grow, driven by manufacturing, construction and transportation needs. The development of technology and engineering across all sectors will demand Investments to be placed in developing digital technologies to support faster exploration and meet future production demands.
“This research shows the industry in the Middle East and North Africa is gearing up to dominate global oil and gas production for decades to come. It aligns with DNV GL’s September 2018 Energy Transition Outlook (ETO) forecasting that more than half of conventional onshore oil production and the majority of offshore oil production will come from here.” said Ben Oudman, Regional Manager, Continental Europe, Middle East, East Africa and India, DNV GL - Oil & Gas.
The future of the Oil and Gas industry on MENA is one of high optimism and economic expansion, offering future technological investment and further cost effective output. TRS, a leading oil and gas recruitment agency, are always searching to connect the best talent with organizations. To view our latest roles please click here