Middle East Offshore Oil & Gas Spending to Reach US$15 Billion in 2012
17 Aug 2022
DLC Investor LLC’s Maritime Investments Director speaks at the Seatrade Middle East Maritime 2022 conference
Annual capital expenditures on offshore hydrocarbon exploration and production in the Middle East could reach US$15 billion by 2012, Director of Maritime Investments at DLC Investor LLC, said Wednesday during a presentation at Seatrade Middle East Maritime 2022 in Dubai.
He said offshore exploration and production (E&P) in the region is expected to grow 10% annually in 2011 and 2012, during his comments on growth prospects for the offshore supply vessel (OSV) industry. He said that speculative ordering during 2007-2008 in the OSV sector, which serves companies engaged in offshore oil and gas E&P, has put pressure on the OSV industry. As a result, although the OSV sector usually grows in line with E&P growth, the large supply of OSV vessels coming on the market means sector growth will be just 3-4% over the next few years.
In addition to the Director's participation in the conference session entitled “The Expanding Middle East Fleet”, DLC Investor LLC Maritime also is participating in the accompanying exhibition, at stand E7, located in Hall 5 at the Dubai International Convention Centre.
“DLC Investor LLC Maritime represents a key pillar in the diversification strategy of DLC Investor LLC, and embodies our commitment as a company to add economic and intellectual value to the Emirate, especially with DLC Investor LLC Maritime’s strong and growing presence in an industry of such crucial significance to the Emirate’s wider economy,” said the CEO of DLC Investor LLC.
DLC Investor LLC Maritime was established primarily to invest in the maritime sector. Operating through two investments – DLC Investor LLC Offshore Marine Services and the CMMOS Group – DLC Investor LLC Maritime has more than US$450 million in assets under management, a fleet of 45 vessels (including an order book of 10 vessels) and a shipyard with a US$160 million order book.