Mideast upstream oil and gas could lose $50bln of investment – ZAWYA

Mideast upstream oil and gas could lose $50bln of investment – ZAWYA

Mideast upstream oil and gas could lose $50bln of investment Mideast upstream oil and gas could lose $50bln of investment | ZAWYA MENA Edition HomeBusinessEnergyArticleMideast upstream oil and gas could lose $50bln of investment The worst oil price crash in history has wiped $1.6trln off the valuation of the global upstream industry    Image used for illustrative purpose. Oil rigs extract petroleum as the price of crude oil rises to nearly $120 per barrel, prompting oil companies to reopen numerous wells across the nation that were considered tapped out and unprofitable decades ago when oil sold for one-fifth the price or less, on April 25, 2008 in the Los Angeles area community of Culver City, California.RIYADH: The Middle East could lose some $50 billion of investment from its oil and gas sector over the next five years, according to Wood Mackenzie.In 2020 alone, WoodMac expects new upstream investments to drop by $16 billion across the region from its pre-crash view.The worst oil price crash in history has wiped $1.6 trillion off the valuation of the global upstream industry.In 2020 alone, WoodMac expects new upstream investments to drop by $16 billion across the region from its pre-crash view.RIYADH: The Middle East