A massive $300 billion investment is underway to boost oil production which could see the Gulf countries deliver an additional 10 million barrels of crude per day by 2015, more than half of which would come from Saudi Arabia, a report has said.
The report by project research firm Proleads, has also said that within the Gulf Co-operation Council (GCC) countries, approved upstream oil projects have soared in value from $1.5 billion in 2006 to $30 billion in 2008.
Recent analysis of total global oil production and development projects has revealed that world crude production capacity from all sources has the potential to rise from 87 million barrels per day to as much as 108 million by 2015, Emil Rademeyer, the director of Proleads said.
"Our analysis shows that if all current projects across the region meet their projected targets, it would mean that by 2015 the hydrocarbon rich countries of the GCC will be supplying more than half that future added oil capacity," said Rademeyer.
Proleads is tracking a record of nearly 300 active upstream oil projects with a combined value of almost $300 billion across the GCC.
Saudi Arabia, which has one-fifth of the world's proven oil reserves and some of the lowest production costs has put in place projects with target added production capacity of over 1.6 million barrels a day, according to the report.
By 2015, projects in Saudi Arabia are targeting 5.2 million barrels a day in added capacity and by 2010 Qatar is targeting an increase of 1.4 million barrels a day in added production capacity, it said.
