Middle East energy companies “fairly risk ready”

Middle Eastern energy companies are fairly well prepared for risk according to new analysis. It suggests they benefit from modern technology plus plenty of space because more land is available […]

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By Vicky Ellis

Middle Eastern energy companies are fairly well prepared for risk according to new analysis.

It suggests they benefit from modern technology plus plenty of space because more land is available meaning safer site layouts, in areas remote from population centres.

The report by risk experts Marsh compared the region’s oil, gas and petrochemical facilities with more than 500 similar sites worldwide.

There were a few notes of caution such as one for safety overrides, with the report suggesting there appears to be “limited appreciation for the fact that any override… is not ideal as it takes the plant out of its safe working envelope”.

It also suggests more maintenance and inspections, referring to a refinery explosion in Kuwait in 2000 after a gas release from a failed pipe that suffered corrosion.

Cash continues flow into all energy sectors notes the report, from established players like Saudi Arabia, Qatar and the United Arab Emirates to opportunities from Iraq, Egypt and other parts of North Africa.

Big bucks are going into natural gas, with projects worth as much $73 billion (£61bn) in the Gulf Cooperation Council states.