L
ong recognisedasamajorglobal supply region, theMiddleEast
andNorthAfrica (MENA) region’senergy industry is thriving.A
race tomeetsoaringdomesticpowerdemand inGCCcountries,
post-war reconstruction in Iraqandadesire toensureglobal
competitiveness in the faceof theUSshaleboom,mean thatnational
operatorsare investingaggressively inoilandgasprogrammesacross
the region.
The resulthasbeenadrive to revivedecliningproductionand
develop resourcespreviouslyconsideredunviable, inaddition to
exploration fornewhydrocarbonsources.Figure1showsasteady
decline in thenumberofcontractsawardedsince2010, largely
due toslowingproject realisation rates.However,witha total
potential investmentofanestimatedUS$573.5billion from315
projectsproposedorunderdevelopmentacross theMiddleEastand
NorthAfrica region, contracting levelsareexpected to remainhealthy
in themid- to long-term.
According to theEIC’s ‘MENAUpstreamContractingReport’,
therewere185major contracts (EPC, FEEDandPMC) awarded in
the region’supstream sectorbetweenJanuary2010and
August 2013.
AbuDhabidominates
Geographically, thehighest levelofcontractingactivityhasbeen
in theUAE,wherea totalof58majorcontractshavebeenawarded
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