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seismic surveys. This is based on the belief that such projects are
of strategic nature and would not be affected by price fluctuations
in the oil market. KSA announced plans to spend $300 billion of
investments in the 10 coming years to underscore its leading position
in oil, maintain a backup production capacity, and continue its huge
exploration and production program focused on conventional and
unconventional gas resources. Also, Kuwait has announced recently
targeting to spend about half a trillion US dollars on oil projects until
2040.
In spite of the good and encouraging results of OAPECmembers in
terms of petroleum discoveries, there are still promising prospects
for more discoveries that would contribute to increasing the oil
and gas reserves depending on the advanced technologies to be
used. Estimates indicate that proven conventional oil reserves in
OAPEC member countries are more than 706.8 billion barrels in
the beginning of 2018, representing about 48.8% of the world’s
total. Natural gas reserves are about 53.5 trillion cubic metres,
representing 27.2% of the world’s total.
While observing Arab and global developments in the oil and
natural gas exploration and production sectors, OAPEC Secretariat
General hails the endeavours of its member countries aiming at
maintaining their production capacity and increasing their oil and
gas reserves. OAPEC hopes that joint action progresses even further
between itsmember countries inexploration andproduction in away
that helps to exchange expertise, face current and future challenges,
and boost cooperation and dialogue with importing countries in
order to enhance development in the member countries.
Volume
44
Issue
3
5