Middle East Takes its Energy Search Offshore
From MEED
By Kevin Baxter
Huge outlay on non-associated gas fields in the Gulf, combined with a possible $100bn investment in the Red Sea region, means the next decade could witness one of the most prolific periods in the history of the Middle East offshore hydrocarbons industry.
Although local oil companies have been operating offshore for more than 50 years, their primary focus has been on the exploration and development of the easier-to-access onshore territory.
New onshore acreage, however, is becoming increasingly difficult to find and many existing fields are beginning to age. This is forcing the region’s oil producers to shift their focus to offshore opportunities in the Gulf, the Mediterranean and the Red Sea, all of which offer different challenges.
Producing oil and gas offshore is recognised as one of the most challenging tasks in the hydrocarbons industry, with added costs and risks compared with operations onshore.
