The Middle East continues to stand out as one of the most active regions for offshore support vessel activity, underpinned by the strategic expansion plans of national…
The Middle East continues to stand out as one of the most active regions for offshore support vessel activity, underpinned by the strategic expansion plans of national oil companies (NOCs) to boost offshore oil and gas production. A series of major projects have recently reached final investment decisions - including the Hail and Gasha gas development in Abu Dhabi, the Zuluf Expansion in Saudi Arabia, and Qatar’s North Field Expansion - creating a solid demand foundation for regional OSV operators.
In the United Arab Emirates, ADNOC is pushing towards increasing its overall production up to 5 million barrels per day by 2027, up from roughly 4 million in 2021. In Qatar, QatarEnergy’s total LNG production is expected to reach 142 million tonnes per annum, up from 77 million in 2024.
During the 2020 oil price war, Saudi Aramco announced plans to increase production capacity to 13 million barrels per day. Subsequently, we saw a rise in the Kingdom's jack-up rig count from 49 during the COVID period to 90 by early 2024, raising the demand for OSVs in the region even higher. Last year, a revision of the production target led to the suspension of approximately 30 jack-ups. Although this development
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