Oil and Gas Projects in Africa and the Middle East – a $900 billion opportunity

30 May 2024

Oil and Gas projects in the Middle East and Africa: The $900 Billion Opportunity

Oil and gas have long played a significant economic role in Africa and the Middle East. Even though many countries are trying to diversify their economies away from these fossil fuels, hydrocarbons still represent a significant share of export earnings and government revenue in countries such as Saudi Arabia, Nigeria, and Angola. As a consequence, there are 240 large upcoming or ongoing oil, and gas projects in Africa and the Middle East, with a total value of approximately $911 billion. 

Overview of Oil and Gas Projects in Africa and the Middle East

The largest share of these projects is in the natural gas sector. 121 new sites or expansion projects worth $510bn are ongoing or upcoming in this field, which includes similar shares of upstream, midstream, and downstream projects. Crude oil comes next with 120 projects valued at $406 billion. Upstream and downstream projects unsurprisingly outweigh midstream oil projects.

Key Oil and Gas Projects

Geographically, oil and gas projects in Africa are mostly concentrated in countries such as Nigeria, Angola, and Egypt. Other significant actors include Algeria, Libya, and Mozambique. In the Middle East, Saudi Arabia unsurprisingly dominates the regional project activity. 

Leading Developers and Contractors

Leading developers in the oil and gas sector include major government-owned producers such as Saudi Aramco, Qatar Energy, and the Abu Dhabi National Oil Company, as well as various multinationals such as Total and Eni. The main contractors/EPCs are McDermott, Saipem, and Robt Stone, among others.

Opportunities for global suppliers

The global economy will continue to consume enormous amounts of hydrocarbons for the foreseeable future. Oil and gas projects in Africa and the Middle East will therefor continue to be important business opportunities for local and global industry players. 

Explore More

If you would like to explore more about projects in your region, market, or area of interest, sign up for ABIQ’s Free Trial or contact us at info@abiq.io. To read more blogposts about ABIQ’s key sectors, explore our articles about power, infrastructure, building construction, and water.

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