Oil price run-ups have affected dramatically the economies of the Middle East oil-producing countries. OPEC revenue from oil sales reached $650 billion in 2006, compared with $110 billion in 1998, a nearly 600% increase.
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Middle East offshore spending to go up
Oil price run-ups have affected dramatically the economies of the Middle East oil-producing countries. OPEC revenue from oil sales reached $650 billion in 2006, compared with $110 billion in 1998, a nearly 600% increase. Much of this income is going to be directed at offshore projects across the Mideast.
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Regionally, in terms of offshore, Iran and Qatar lead the way in total expenditure. Over the next five years, Infield expects these two to represent over 50% of regional spending. What is noticeable is the degree to which Iranian expenditure as a percentage increases post 2007 and Qatari expenditure post 2009 declines as a total percentage. It is thought that strategically Qatar’s national oil company, Qatar Petroleum, is embarking on a strategy to consolidate its massive existing investments and production before making future investment assessments.
Dr. Roger Knight George Venturas Infield Systems
For a more detailed analysis, see the complete story on Page 40 of this issue ofOffshore magazine.
