New investments in oil and gas production and refining in the Middle East and Africa region fell by 32 percent last year to US$41 billion, according to the latest annual MENA Oil and Gas Market Report by MEED. This was the size of newly awarded projects in these industry segments. At the end of the year, MEED said, however, there was US$396 billion worth of planned but not yet awarded projects in the region, out of a total US$664 billion in planned and in-progress projects. The report’s authors acknowledge the strength of oil, gas, and petrochemicals spending in the biggest legacy oil and gas producing region in the world, but adds a word of caution: “But the market is changing. And everyone involved in Middle East oil and gas must be ready to change with it.” The change mainly concerns forecasts about peak oil demand, which is expected to […]