EghtesadOnline: Oil, gas and petrochemical projects, valued at more than $859 billion, are either underway or planned in the Middle East and North Africa, MENA, of which $283 billion are being implemented, as the region gets ready to meet the forecast increases in demand for energy over the next two decades.
According to industry forecasts, global oil demand will increase by at least 10 million barrels per day by 2040, while natural gas demand is set to grow by 40% and petrochemicals by 60%, Gulf News reported.
The expansion in demand for petroleum and petrochemicals in particular, says DMG events, organizers of the Abu Dhabi International Petroleum Exhibition, Adipec, is driving downstream investment across the Middle East and North Africa (MENA) states.
Christopher Hudson, president of DMG events, said: “Breakthrough technologies, the growing global population and rising consumer spending are all combining to create new demand for energy, much of which will continue to be met by the oil and gas ndustry up to and beyond 2040, according to Financial Tribune.
“While producers in the Middle East continue to maximize 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.”