Nicholas Newman Magazine Summer (May 2015)
Pipelines are the main artery of energy transfers from the Middle East to Western and Asian markets. According to Pipeline & Gas Journal’s 2014 International Construction Report, the prospects for pipeline construction businesses in the world’s leading oil and gas producing region are looking good, with some 2,355 miles of new pipelines planned. There are also ongoing renovation and replacement of pipelines, both on and offshore, to accommodate the anticipated increase in oil production to 3.6 Mnb/d ( Million Barrels per day) by 2019 and an increase of gas production from 16.2 bcm (billion cubic metres) to 69.6 bcm says Elinor Turandor, Media Relations Manager of DNV GL- Oil & Gas.
Reports of oil and gas pipeline schemes to improve existing export capacity to neighbouring countries, such the proposal to link Iran via Oman with India, and new pipes for supplying Saudi Arabia’s growing cities with domestic oil and gas, fill the local news. The region’s new pipelines will reflect growing domestic supply and demand for oil and gas as well as a reorientation of exports towards Asian markets. The region holds some 48 per cent of world’s known oil reserves and 38 per cent of natural gas reserves, according to BP’s 2014 Statistical Review of World Energy. Saudi Arabia is the world’s biggest exporter of oil and Iran has the world’s second-largest natural gas reserves. In the long term, further construction is assured with the development of new discoveries and rising domestic demand. http://content.yudu.com/A3oi4y/PCMay15/resources/10.htm