In its report, " Middle East Offshore Market on the Move," Seatrade Maritime revealed that many Arab oil exporters have begun to increase their spending on offshore operations after almost five years of significant cuts in production rates.
According to the report, the region is rich in multibillion-dollar marine projects, which is expected to pump more vitality into the sector. In line with this, many analysts have noted that a number of national oil companies have recently strengthened their budgets for exploration and production.
The report, which is based on a study by Dubai-based MEED, a Dubai-based business analytics and information firm, said that current oil, gas and petrochemical projects across the Middle East worth a total $211 billion (Dh774.37 billion), is a positive indicator that can be translated into better growth prospects for the maritime and operational sectors. These projects are at the forefront of other $242 billion initiatives now in various stages of implementation.
Source: (Al Khaleej newspaper, Edited)
