Gulf plans $659.1bn of petroleum projects: report

the number of major petroleum projects planned over the next decade in the Gulf stands at 651

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A report by Kuwait Financial Centre (Markaz) indicates that the total value of planned petroleum projects in the Gulf region was estimated to be $659.1bn at the end of last month, Arab News reports.

According to the report, this represents an effective decrease of about $6.9bn since the previous month, while the number of major petroleum projects planned over the next decade increased by nine to 651.

Saudi Arabia has the greatest number of planned petroleum projects by number, while Iran's proposed schemes have the greatest value. On a month-by-month basis, projects in the United Arab Emirates witnessed the greatest fall in the value of planned projects by around $10.6bn (AED 38.9bn), attributed to the upstream oil and gas sector. Projects in Saudi Arabia witnessed an increase of around $3bn (SAR 800m).

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From a segment perspective, the value of total refining projects declined by $400m, whereas the total upstream oil and gas projects decreased by $6.5bn.

The value of medium-term horizon projects decreased by about $7.8bn, whereas the value of those with a short-term horizon increased by about $2bn, according to the report.

The number of canceled or on-hold projects in the upstream oil and gas segment fell by two, which had a combined value of $800m. Upstream oil and gas projects continue to be most affected in terms of cancellations or being placed on hold.

Saudi Arabia, which remains the focal point, currently has approximately 159 projects upcoming in the petroleum sector, with an estimated cumulative value of $130.7bn.