Middle East leads global gas growth forecasts
A recent report highlighted that the Middle East will lead global gas processing capacity growth over the next four years and this data confirms the bullish sentiments being shared with OPC by customers in the region.
The Global Data report shows that the Middle East will account for around 37% to the global gas processing capacity growth by 2025.
Nachiket Kaware, Oil & Gas Analyst at GlobalData, comments: “In the Middle East, a total of 26 planned and announced gas processing plants are expected to start operations by 2025. Of these, the planned Ras Laffan-NFE plant in Qatar has the highest gas processing capacity of 4.6 bcfd. It would process gas from the giant North Field East project and helps Qatar to maintain its status as one of the leading producers and exporters of LNG in the world.”
Global investment in the Middle East is supporting this growth. In July, Qatar Petroleum announced that it has raised $12.5 billion in the largest corporate bond issuance in the Middle East this year. The company plans to use the proceeds from the record bond to fund its growth plans to significantly raise gas extraction, liquefaction, and LNG export capacity this decade.
The North Field East Project (NFE), the world’s largest LNG project is set to raise Qatar’s LNG production capacity from 77 million tons per annum (mmtpa) to 110 mmtpa. The project, expected to start production in the fourth quarter of 2025, will cost $28.75 billion, which would make it one of the industry’s largest investments in recent years.
As well as Qatar, OPC has an office in Dubai, is also expanding presence in Abu Dhabi and is developing relationships with customers in other countries in the region.
Middle East businesses also looking worldwide in their focus on long term growth. OPC is supporting several MENA based major E&P companies on their quest for international growth, with most of the efforts being focused on deep-water opportunities further afield.