Page 52: of Offshore Engineer Magazine (Jan/Feb 2016)

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REGIONAL OVERVIEW

Middle Eastern resilience

Both maintaining and launching new offshore production is high on the agenda in the Middle East, not least in Saudi Arabia, the UAE and

Iran. IHS’ Mirzi Moralde outlines current activity in the region.

ffshore construction activities in the shallow water

Middle East Gulf region continue to show signs of

O resiliency, since the price of crude oil dropped by more than 50% in June 2014.

Several engineering, procurement, construction, installation and commissioning (EPCIC) contracts have been awarded by major operators like Saudi Aramco, Abu Dhabi Marine Operat- ing Co. (ADMA-OPCO), Zakum Development Co. (ZADCO) and Qatar Petroleum (QP) this year alone. A number of ? eld development projects will also be brought to tender in 2016, aimed at sustaining and increasing production capacity in line with OPEC’s decision to maintain market share in the current low oil price environment.

Iran in the Persian Gulf will also add to OPEC’s production capacity, once sanctions are fully lifted. These recently award- ed projects and those that will be tendered for in the coming years will provide an added boost to cur-

Total’s Abu Al rent and ongoing offshore work towards the

Bukhoosh (ABK) end of this decade. ? eld o