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The Arabian Gulf could deliver up to ten million barrels of crude oil a day in added capacity by 2015, according to project research firm Proleads. “Our analysis shows that if all current projects across the region meet their projected targets in barrels of oil a day, it would mean that by 2015 the GCC will be supplying more than half that future added oil capacity,” said Emil Rademeyer, director of Proleads. “Recent analysis of total global oil production and development projects shows that world crude production capacity from all sources has the potential to rise from 87 million barrels per day to as much as 108 million by 2015,” he continued. Within the GCC countries of Bahrain, Oman, Kuwait, Qatar, Saudi Arabia and the UAE, approved upstream oil projects designed to either maintain or increase production capacity have soared in value from below $1.5 billion in 2006 to a 2008 peak of $30 billion, according to the research. There is also a record of nearly 300 active upstream oil projects with a combined value of almost $300 billion across the GCC. “Saudi Arabia is leading the way and would contribute more than half the ten million barrels a day in added capacity if all projects deliver on target by 2015,” Rademeyer said.However, Iraq continues to fail to significantly add to its oil production capacity with only an extra 300,000 barrels a day projected by 2013. “Iraq has the world’s third-largest proven petroleum reserves but only a fraction of its known fields are in development. Its oil infrastructure is in clear need of massive modernisation,” Rademeyer said.Projects approved in the UAE indicate added oil production capacity of almost 1.9 million barrels a day by 2013.
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