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Vimala Vasan

ABU DHABI, Dec. 2

THE buoyant oil and gas sector in West Asia is expected to thrive following the discovery of new reserves following recent exploration results.

The organisers of the prestigious Arab Oil and Gas Show, scheduled to be held in Dubai next year, said that the Gulf and West Asia is home to a significant percentage of global oil reserves, which have seen a considerable increase following recent exploration results, according to a press release made available to Business Line.

Estimates indicate that in early 2002, Saudi Arabia alone accounted for over 260,000 million barrels of the total world reserves of 975,148 million barrels of oil. Iraq was estimated to have about 112,500 million barrels of reserve oil, while the UAE and Kuwait followed closely with 97,800 and 96,500 million barrels respectively. Other Gulf countries such as Qatar and Oman were estimated as having 15, 207 and 5,506 million barrels respectively. In addition, it is well known that the Gulf Arab states and neighbouring Iraq and Iran control nearly 35 per cent of the world's total recoverable natural gas resources.

Their reserves are also expected to surge by more than 50 per cent with expected new discoveries, according to a UAE study. The UAE, its five partners in the GCC, and Iraq and Iran have over 52,230 billion cubic metres of associated and non-associated gas. According to recent US projections, undiscovered gas reserves in the Gulf are estimated at 36,969 billion cubic metres, nearly 25 per cent of the world's total gas wealth.

The organisers said the 11th Arab Oil & Gas Show, the international exhibition for the oil, gas and petrochemical onshore and offshore industries serving the Arab Gulf states, will be held at the Airport Expo Dubai from October 19 to 22, 2003, bringing under one platform petroleum equipment suppliers as well as industry professionals from the Arab World and beyond.

The biennial show, organised by International Conferences & Exhibitions (IC&E) and supported by the UAE Ministry of Petroleum and Mineral Resources, is a landmark event for suppliers of petroleum equipment and specialist visitors involved in exploration, extraction, processing, storage and transportation of oil and gas.

"The Arab Oil and Gas Show is the biggest and oldest such event targeting the Gulf, and attracts local and international suppliers showcasing the latest in petroleum equipment as well as over 4,000 frontline experts who know their oil business and are on the look-out for new technology and improved solutions," said Mr David Domoney, Managing Director, International Conferences & Exhibitions Ltd.

"The oil and gas sector in West Asia continues to be buoyant and is the key driving force behind the development in the region. Industry professionals like to explore innovative ways of boosting production and enhancing profitability in a fiercely competitive market, and the Arab Oil and Gas Show provides them with a crucial platform to view at first hand, the varied developments and innovations from around the world."

The show will also host OILSEC 2003, the International Security and Maintenance Conference for the oil and gas producers of West Asia, to highlight security systems and services, as well as maintenance procedures and technology in relation to the oil and gas industries. A number of specialised seminars targeted at industry professionals will be held alongside the exhibition.

The Arab Oil and Gas Show 2001 attracted 476 companies from 32 countries and 4,320 visitors from the Gulf region and across the globe. The show is the largest and longest established event of its kind serving the lower Gulf. Held every two years, it enables local and international suppliers to stage a comprehensive display of the latest technology and services.

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