Between January 2003 and May 2024, the oil and gas industry in Arab nations attracted 610 projects, carried out by 356 Arab and international companies at a total investment cost of US$ 406 billion.
According to the report, crude oil, compressed gas, and other liquids production in Arab countries is expected to rise by 6.4% to 28.7 million barrels per day in 2024 and then to approximately 33 million barrels per day in 2030.
In its first sectoral report on oil and gas in Arab countries for 2024, released on Wednesday from its headquarters in Kuwait City, the Arab Investment and Export Credit Guarantee Corporation (Dhaman) said that the United States topped the list as the most significant oil investing country in the Arab region.
According to the global database of foreign direct investment projects, Russia ranked first in terms of investment costs, with a value of US$ 61.5 billion, or roughly 15.2 percent of the total.
According to Fitch data, the report predicted that proven oil reserves in the Arab region would fall to 704 billion barrels in 2024, or roughly 41.3% of the world’s total. A further decline of 7% to 654.5 billion barrels is anticipated in 2030.
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