Arab Oil And Gas Sector Attracted Investment Worth $406 Billion Across 610 Projects In 22 Years: New Report

The oil and gas industry in Arab nations saw the implementation of 610 projects by 356 foreign and Arab companies, with a total investment of $406 billion from January 2003 to May 2024.

The Arab Investment and Export Credit Guarantee Corporation (Dhaman) released its inaugural sectoral report on oil and gas in Arab countries for 2024. The report, launched from its headquarters in Kuwait City, highlighted that the United States led in the number of projects, contributing 85 projects or about 14 percent of the total.

Investment Costs and Leading Countries

Russia emerged as the top investor in terms of financial commitment, with investments amounting to US$ 61.5 billion, representing approximately 15.2 percent of the total investment costs. This data was sourced from the global database of foreign direct investment projects.

The report also indicated that proven oil reserves in the Arab region are projected to decrease to 704 billion barrels by 2024, which would account for about 41.3 percent of the world's total reserves. A further decline of 7 percent is anticipated, bringing reserves down to 654.5 billion barrels by 2030, according to Fitch data.

Proven natural gas reserves in the Arab region are expected to reach around 58 trillion cubic metres by 2024, making up about 26.8 percent of global reserves. However, these reserves are predicted to drop by 7.5 percent to approximately 53.53 trillion cubic metres by 2030.

The report also forecasted an increase in production levels for crude oil, compressed gas, and other liquids in Arab countries. Production is expected to rise by 6.4 percent to reach 28.7 million barrels per day in 2024 and further increase to about 33 million barrels per day by 2030.