Who is driving these $293 billion oil, gas and petrochemical projects?
The Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2017) will be the key destination for owners and operators to gather and discuss this exciting surge in projects.
Around 40 per cent of the upcoming $293 billion oil, gas and petrochemical projects in the MENA region will be commissioned in the Gulf States, with the UAE at approximately $66 billion and Saudi Arabia at around $51 billion holding the lion’s share.
Recent developments have provided a real cause for optimism among the region’s oil and gas companies, including OPEC’s decision to cut production levels. This decision signals the organisations commitment to keeping oil prices stable between $50 and $70 per barrel. With oil prices at this level, investment can be made and projects will remain profitable. There will also be significant opportunities in Kuwait, Iraq and Algeria. The IMF predicts that the price of oil will be $51 per barrel in 2017 and will rise steadily to $57 per barrel by 2020.
Over 2,000 exhibiting companies from more than 56 countries are expected to take part in the exhibition. In its 33rd year, ADIPEC occupies a total space of 135,000 square metres gross and is host to 25 international country pavilions. More than 96,000 trade professionals from 135 countries attend the event.
Held under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of The United Arab Emirates, ADIPEC 2017 will host 21 NOCs, 16 IOCs, 11 EPCs and seven Service Companies under one roof.