The Middle East oil and gas projects have seen a tremendous spike in growth due to large-scale investments. Within 2021-2025, the Middle East will witness a total of 615 oil and gas projects. There will be 143 midstream projects, 77 upstream projects, 83 refinery projects, and 312 petrochemical projects. Needless to say, that the Middle East is the hub of the most significant oil and gas projects in the world. Let us take a quick look at some of the most important projects.
Significant oil and gas projects
- Upper Zakum Offshore Oil Field Development: This offshore oil field project is located approximately 84 kilometers from the northwest of Abu Dhabi Islands in the United Arab Emirates. With estimated reserves of more than 50 million barrels of oil, Upper Zakum is the second-largest offshore oil field and the fourth-largest oil field in the world. The oil field is managed by Zakum Development Company (ZADCO) in conjunction with Abu Dhabi National Oil Company(ADNOC), ExxonMobil, and the Japan Development Company(JODCO). This offshore oil field produces 640,000 barrels per day and aims to increase production to 750,000 barrels of oil per day in the future.
- Ruwais Refinery Complex: The Ruwais Refinery Complex is owned by the Abu Dhabi National Oil Company (ADNOC). It was initially commissioned in 1981 and located 240 kilometers west of Abu Dhabi. This refinery can process 922,000 barrels per day. In 2018 ADNOC announced their plans for adding a third refinery to increase the capacity by 600,000 barrels per day. This project will increase the refinery’s total capacity to a massive 1.5 million barrels per day, making it the largest refinery in the world. Commissioning is scheduled for 2026.
- Ras Laffan Refinery: Qatargas is the world’s largest natural liquified petroleum gas company in the world. Established in 1984, Qatargas is a joint venture between Qatar Petroleum, ExxonMobil, and a few other partner companies. The Ras Laffan Refinery is a subsidiary of Qatargas and was established to produce LNG sourced from the massive offshore North Dome gas field. The Ras Laffan complex is situated on the Qatar peninsula’s North Eastern tip and produces approximately 77 million tonnes of LNG per year. It will undergo a 30 percent capacity expansion by 2023 to more than 110 million tonnes per year.
- Rumaila Oil Field: Rumaila oil field is the largest oil field in Iraq. Located in Southern Iraq, approximately 32 kilometers from Iraq’s border of Kuwait. The refinery was discovered in 1953 by Basrah Petroleum Company. With the potential to produce almost 17 billion barrels, it is considered the third-largest oil field globally. The oil field produces nearly 1.4 million barrels per day, but expansion and installation of new oil wells are on the cards, which would increase its capacity to 2.1 million barrels per day. With its development and potential to produce a massive amount of oil, Rumaila should claim the second position amongst the largest oil fields in the world. The oilfield should reach its peak production by 2027.
- Al Zour Refinery- Al Zour Refinery is an oil refinery project in Kuwait. It has an estimated budget of USD16 billion is scheduled for commissioning in 2023. The refinery has six atmospheric residues or ARDS units and can process 600,000 barrels of oil per day. The refinery will process heavy crudes for Kuwait in an environment-conscious manner and supply the global market with supreme quality fuel products.
These are some of the most significant oil and gas projects currently active in the Middle East. With the planning and establishment of new projects every year, the Middle East will have 600 active oil and gas projects by 2025.
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