Oil, gas, petrochemical projects worth $859bn planned in Mena

Global oil demand will increase by nearly 10 million bpd by 2040, and demand for natural gas will grow by 40%

Demand for petroleum and petrochemicals is soaring in the region. [representational image]
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Demand for petroleum and petrochemicals is soaring in the region. [representational image]

Ahead of Abu Dhabi International Petroleum Exhibition (Adipec), it has been revealed that oil, gas and petrochemical projects worth more than $859bn (AED3.2tn) have been either underway or planned in the Middle East and North Africa (Mena), with $283bn (AED1tn) being implemented in the region as it is set to meet the growing energy demand in the next two decades.

An Emirates News Agency (Wam) report stated that according to industry forecasts, global oil demand will increase by nearly 10 million barrels per day (bpd) by 2040, and demand for natural gas will grow by 40% and petrochemicals by 60%, with the escalating demand for petroleum and petrochemicals driving downstream investment across the region.

Christopher Hudson, president of dmg events (the organiser of Adipec), said: "Breakthrough technologies, the growing global population and rising consumer spending are all combining to create new demand for energy."

He added: "While producers in the Middle East continue to maximise value from existing fields, there is heightened interest in developing new resources, both offshore and onshore, as well as investing in upgrading and diversifying both infrastructure and products downstream to create new products lines and revenue streams."

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