Investments in Oil and Gas in Arab Countries Reach USD 406 Billion Since 2003

The oil and gas sector in Arab countries executed 610 projects implemented by 356 foreign and Arab companies in the region, with a total investment cost of USD 406 billion between January 2003 and May 2024 (22 years). A recent report issued by Kuwait-based Arab Investment and Export Credit Guarantee Corporation (Dhaman) showed that the United States (US) topped the list as the most important investing country in the Arab region in the oil and gas in terms of the number of projects with 85 projects (about 14 percent of the total). Russia led investment costs, with a value of USD 61.5 billion (about 15.2 percent of the total). Dhaman's report expects that proven oil reserves in the Arab region will decline to 704 billion barrels in 2024 (about 41.3 percent of the global total) with expectations of a continued decline of 7 percent to 654.5 billion barrels by 2030. It also expects that proven natural gas reserves in the Arab region will reach about 58 trillion cubic meters (26.8 percent of the global total) w ith expectations of a decline of 7.5 percent to 53.53 trillion cubic meters by 2030. Production of crude oil, compressed gas and other liquids is expected to increase by 6.4 percent to 28.7 billion barrels per day in 2024, reaching about 33 million barrels per day by 2030. (QNA) Source: Qatar News Agency