Middle East’s current crude oil production is 18 million barrels per day and by 2025 it is said to increase to 25 million barrels per day. According to reports, the world’s largest oil producer, Saudi Aramco, is expected to increase capital and exploration expenditure by 30%, directed both to a mature asset base and new discoveries.
According to Norwegian research firm Rystad, oilfield expenditures in the Middle East are expected to climb to US$99Bn annually by 2020 – a level that has not been seen since the oil price collapse.
With oil fields in the Middle-East being converted into iFields or Digital Oil Fields, producers are looking at how production can be further optimised through existing and new technologies and techniques.
The Production Optimisation Summit, Bahrain will bring together experts and leaders to discuss the advancements, opportunities and barriers faced in optimising production across the upstream oil and gas industry in the Middle East.