GlobalData’s latest report, “Middle East Oil and Gas Projects Outlook to 2026 – Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects,” indicates that the Middle East region is expected to witness 598 projects to commence operations during the period 2022–2026. Out of these, petrochemicals projects would be the highest with 290 projects.
Refinery and petrochemical projects constitute about 63% of all upcoming oil and gas projects in the Middle East from 2022 to 2026. The midstream sector follows next, with the pipeline segment alone constituting 39% of all projects followed by gas processing and oil storage with 22% and 21%, respectively.
New build projects lead the upcoming project’s landscape in the Middle East constituting around 74% of the total projects across the value chain. The share of new build projects is especially high in the petrochemicals sector with more than 90%. On the other hand, expansion projects dominate the downstream (refineries) sector.
Oil and gas projects in the Middle East, projects by stage, 2022–2026
In the Middle East, more than half of the projects are in construction and commissioning stages and are more likely to commence operations during the outlook period. About 33% of the projects are in the planning stages and the rest have been approved or awaiting approval.
Among countries, Iran dominates the upcoming project’s landscape in the Middle East accounting for 45% of the total projects expected to start operations during the 2022 to 2026 period.