Arab Oil and Gas Sector Attracts $406 Billion in Investments Over Two Decades

The Arab oil and gas sector has attracted 610 projects worth $406 billion from 356 foreign and Arab companies between January 2003 and May 2024, according to the Arab Investment and Export Credit Guarantee Corporation (Dhaman).

In its 2024 sectoral report, launched from Kuwait City, Dhaman highlighted the United States as the top investor in terms of project numbers, with 85 projects, while Russia led in investment costs, contributing $61.5 billion.

The report projects a decline in proven oil reserves in the Arab region to 704 billion barrels in 2024, representing 41.3% of the global total, with a further decline to 654.5 billion barrels by 2030.

Proven natural gas reserves are expected to reach 58 trillion cubic meters in 2024, decreasing to 53.53 trillion cubic meters by 2030. Despite these declines, Arab countries' production of crude oil, compressed gas, and other liquids is projected to increase by 6.4% to 28.7 million barrels per day in 2024 and to 33 million barrels per day by 2030.

News Source: Emirates News Agency