The Gulf region’s increasing focus on offshore oil and gas projects will be a boost to the continuing economic development of the region, said a report.

Oil producers are now actively turning offshore in search of oil and gas to boost production, now that advancing technology has significantly brought the costs down, said the recent report from Meed projects.

As a result, the region now accounts for a significant proportion of global platform and pipeline contracts, as it continues to attract renewed interest from major international contractors as well as new entrants to the market, the report added.

“Outputs from oil and gas projects in the Gulf contribute significantly to the GDPs of countries in the GCC,” said Julio Armando De Quesada, head of Corporate and Investment Banking Group, Mashreq, who have signed up as the official financier of the Meed Quality Awards for Projects 2013, in association with Ernst & Young; as well as category sponsor for the Mashreq Oil & Gas Project of the Year award.

According to the report’s count, citing data from the US’ Baker Hughes, there are currently 45 offshore rig projects, eight more than the same period in 2011 and over previous peak of 43 recorded in 2008.

“With advances in technology bringing efficiencies up and costs of exploration down, we can expect quality standards for projects to be raised even higher,” said Becky Crayman, head of Awards, Meed Quality Awards for Projects 2013.

“In evaluating the outcome of the construction process rather the process itself, we are evaluating the projects solely based on their merits – specifically the quality of nominated projects and their commercial as well as socio-economic impact.” – TradeArabia News Service