ABU DHABI, UAE -- Oil, gas and petrochemical projects, valued at more than $859 billion, are either underway or planned in the Middle East and North Africa, MENA, according to the UAE-based Wam news agency.
Of these $283 billion are projects being implemented, as the region gets ready to meet 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 percent and petrochemicals by 60 percent. The expansion in demand for petroleum and petrochemicals in particular, says dmg events,organisers of the Abu Dhabi International Petroleum Exhibition, ADIPEC, is driving downstream investment across the MENA region.
"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 industry up to and beyond 2040," Christopher Hudson, President dmg events was quoted by Wam as saying.
"While producers in the Middle East continue to maximise 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."
"ADIPEC 2019 will be a catalyst for future growth and prosperity in the oil and gas industry, not only providing companies across the hydrocarbons value chain with a forum to gather first-hand knowledge of the dynamic changes taking place in regional oil and gas investment decisions but also enabling them to make the connections necessary to forge new partnerships and tap into the emerging commercial opportunities those investments are creating," Hudson said.
Taking place from 11to 14 November, at the Abu Dhabi National Exhibition Centre, ADNEC, ADIPEC 2019 will provide a platform for the global oil and gas industry to engage in dialogue, conduct business, and source solutions and strategies that will shape the industry in the years ahead as well as identify the commercial opportunities from the MENA and Asia regions.
Since its inauguration in 1984, ADIPEC is now regarded as the premier oil and gas industry exhibition and conference. The exhibition brings together over 2,200 international exhibiting companies across 155,000 gross square metres, with 29 country pavilions, attracting over 145,000 global attendees and 42 National and International Oil Companies. The conference hosts over 980 strategic and technical speakers across more than 160 sessions, and attracting over 10,400 delegates.