Mature Qatari upstream oil market slated to grow
Qatar is expected to witness a surge in project activity this year, with awarded contracts expected to be worth $24 billion, industry experts have said.
Qatar’s project market accelerated in 2013, overtaking the UAE in terms of contract awards midway through the year, with $12.2 billion in new awards, said Edmund O’ Sullivan, chairman of MEED Events, the organisers of Qatar Projects 2014.
He added that the bulk of contracts came from multi-billion dollar tunnelling packages awarded as part of the Doha Metro project.
The Qatari infrastructure plan, which includes roads, ports, rail, construction and social sectors, is reportedly worth over $62.2 billion. With upstream oil schemes worth almost $16.5 billion in various pre-execution phases, Qatar is expected to attract massive foreign investment in the near future.
The maturity of the country’s oil assets, coupled with the country’s redevelopment plans for its offshore fields can generate commercial opportunities for various EPC, FEED and oilfield service companies, besides others.
Additionally, in line with the Qatar National Vision 2030, projects worth $27.5 billion, across roads, drainage, sewerage and other buildings are expected to be delivered in the next five to seven years.