Geological and Environmental Sustainability

Geological Consulting

Submit Abstract Register Now

The global oil and gas field equipment and services market is expected to grow with a CAGR of 6% over 2015-2020. New technology advancement for oil recovery factors and increasing deep water drilling activities because of the huge reserve of shale gas in the US and China are driving the growth of oil and gas field equipment and services market. Rest of the World is expected to remain the leading region because of presence of huge reserves in both onshore and offshore areas in the Middle East. Deep water and exploration activities in East and West Africa and geo-market activities in Nigeria, Angola, and the Gulf of Guinea are expected to drive the demand during the forecast period.

The United Arab Emirates was the world’s seventh ranked producer of crude oil and accounted for 3.7% of world crude oil and condensate production in 2012. The UAE held 97.8 billion barrels of proved crude oil reserves, or 5.9% of the world’s total reserves, as well as 6.1 trillion cubic meters of proved natural gas reserves, or 3.3% of the world’s total at the end of 2012. The UAE accounted for 1.5% of the world’s supply of natural gas and was ranked sixth in the world in terms of the volume of its proved crude oil and natural gas reserves. The economy of the UAE is projected to grow modestly in the next 5 years. The Government of Abu Dhabi plans to invest $90 billion in the next 5 years on infrastructure-related projects that would boost the economy and create jobs. Abu Dhabi also plans to continue to invest in renewable energy sources and technologies within the UAE and around the world. The UAE is expected to become a major producer of aluminum because of the merger of Dubai and Emal in one entity named Emirates Global Aluminum (EGA) in 2013.