United Arab Emirates to invest $ 98 bn in oil sector

Jan 23, 2012 12:00 AM

The United Arab Emirates are planning to invest nearly $ 98 bn into hydrocarbon projects involving expansion of its crude output capacity and development of the gas industry, according to a report. The investments account for nearly 28 % of the total capital of around $ 353 bn approved by the six-nation Gulf Cooperation Council (GCC) for projects in the oil and gas sector, Kuwait-based Global Investment House (GIH) said in its latest investment report on the region.
It said the United Arab Emirates investments cover 116 major projects, including the giant Tacaamol–Al-Gharbia Chemicals Industrial City venture that is currently in planned phase, with an estimated budget of $ 20 bn. Another major upcoming project is the ZADCO oilfield development and has an estimated budget of $ 10 bn, it said.

The United Arab Emirates have been locked in a massive expansion programme to tap its huge gas resources of more than 6 tcm, the world’s fifth largest after Russia, Iran, Qatar and Saudi Arabia. The projects also involve boosting the country’s crude production capacity to nearly three mm bpd within two years and 3.5 mm bpd by 2015.
The United Araba Emirates’ current capacity is estimated at 2.7 mm bpd while its proven oil deposits are officially put at 98 bn barrels. Saudi Arabia accounts for more than 60 % of the GCC’s total hydrocarbon projects, with planned investment of around $ 215 bn covering 147 major ventures, GIH said.

It said the projects are focused heavily on the upstream oil and gas segment, including the massive Yanbu Integrated Refinery and Petrochemicals Complex that is currently in the study phase at a cost of $ 20 bn. Another major upcoming project is the Jizan Refinery Project that has an estimated budget of nearly $ 7 bn.
“In order to continue to benefit from previous high oil prices, GCC countries are concentrating on expanding their output,” GIH said. “As of today total value of planned projects in the regional hydrocarbon sector is estimated at $ 353 bn… despite this optimistic scenario, project postponement and cancellation trend continues to plague the market.”

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