Oil and gas event to review investment plans in UAE

offshore uae-QR9iudjz0 sxc.huThe UAE leads the region in value of contracts awarded in the oil and gas sector. (Image source: QR9iudjz0/sxc.hu)UAE Oil & Gas Greenfield Projects will be held on 10 September 2013 in Abu Dhabi and will review the nation’s oil and gas sectors’ involvement in energy projects

Organised by MEED Events, the 4th Annual Middle East Brownfield Projects Conference will also be held a day before an event that will see industry experts share insights and strategies to rehabilitate aged fields using modern technologies.

According to a MEED Projects report, the UAE and Saudi Arabia are the top spenders in oil and gas sectors in the MENA region.

The UAE leads the region with Zakum Development Company (ZADCO) awarding a US$3.7bn contract to Petrofac Emirates and Daewoo Shipbuilding & Marine Engineering (DSME) for the development of the offshore Upper Zakum field in April 2013.

The contract was more than 50 percent of the total US$6.7bn of engineering, procurement and construction (EPC) deals awarded so far in the MENA region in this year’s Q2.

These developments mark a critical stage in the UAE’s push to expand its offshore output to new fields and to optimise oil production, sustainability and innovation through integration of new and expanding projects, the report added.

Edmund O' Sullivan, chairman of MEED Events, said, “There is an enormous potential for contractors looking to work on rehabilitation, upgrade and modification schemes in the Gulf Cooperation Countries (GCC). This clearly defines the Middle East’s brownfield market as one of the region’s high potential markets.

“The Middle East Brownfield Projects Conference will focus on specific challenges and opportunities over the next 12 months.”

The UAE is likely to award two more major contracts — both on the Umm Al-Lulu offshore oil field development of combined total in excess of US$2bn.

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