Middle East to Unveil Over 600 Oil and Gas Projects by 2027
- 27-Mar-2023 5:50 PM
- Journalist: Robert Hume
Middle East: Middle East is gearing up for a major expansion in energy infrastructure. According to our sources, 621 projects are expected to be completed between 2023 and 2027. Breaking this down further, 81 of these will be upstream projects, 141 will be midstream projects, 84 will be refineries and the highest number of 315 will be petrochemical plants.
The Middle East is set to be dominated by new build projects in the upcoming project landscape, with these projects making up an estimated 78% of all projects across the value chain. Petrochemicals is expected to be the highest recipient of these new build projects, accounting for 60%. Expansion projects, however, make up the majority of those in the downstream (refineries) sector, at 43%.
Construction and commissioning of projects in the Middle East is expected to reach its peak over the next few years. More than half of all projects planned for the outlook period 2023-2027 are currently at the construction or commissioning phase, with a further 34% in the planning stages. The remaining projects have been approved or are awaiting approval.
Iran is leading the way in Middle Eastern projects for the next decade, accounting for 45% of the new projects expected to launch by 2027. This high share speaks volumes of Iran's commitment to investing in its long-term future.