Middle East hydrocarbon giants are investing billions in huge gas expansion projects that will yield substantial volumes of liquids byproducts. As NGLs are exempt from Opec+ production quotas, these non-crude liquids are a strategically and economically valuable revenue stream that should lift the region’s oil output floor.
Three countries will account for the majority of this growth – Saudi Arabia, the UAE and Qatar, the latter of which quit Opec in 2019. Between them, the three countries plan to add more than 1.5mn b/d of NGLs and condensate by 2030. Although there is a strong likelihood that some project completions will slip beyond 2030, it’s clear that significant new volumes will be brought online over the next five years. Saudi Arabia is now making the early running with the startup of a major new project. (CONTINUED – 1083 WORDS)
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