Investments focus on adding new capacity. Following the dramatic decline of oil prices, oil and gas producers in the Middle East have readjusted their strategies and priorities to adapt to the new price levels, especially since oil revenue remains the main source of income for countries in the region. The Middle East controls more than 51% of the global proven crude reserves and 42.2% of the world's proven gas reserves. These reserves are, for the most part, located in super-giant or giant oil fields. Among the 20 giant oil fields in the world, 13 are located in the region, mainly in Saudi Arabia, which has five super-giant fields that include Ghawar and Safaniya. Additionally, there is Rumaila in Iraq, Zakum in the United Arab Emirates (UAE) and Burgan in Kuwait. Qatar and Iran share the world's largest gas deposit, the North Field in Qatar and the South Pars in Iran.
展开▼
