The study also says Azerbaijan should remain the largest
offshore producer of both oil and gas in the Caspian Sea, and also leads the way
in capex, with Kazakhstan, Russia, and Turkmenistan each expected to contribute
$1.6-2 billion over the forecast period.
Infield's new "Offshore Middle East & Caspian Sea Oil & Gas Market Report to
2015" predicts a 33% increase in offshore capex across the Middle East and
Caspian over the next five years compared to 2006-10, up from $29.9 billion to
Much of the growth will come from an expected capex increase of $6 billion in
Iranian projects to around $12 billion. Infield forecasts capex in Saudi Arabia
of $5.8 billion over 2011-2015, up from $4.5 billion during 2006-2010.
The two countries combined should contribute over 44% of total offshore capex in
the region between 2011 and 2015. However, capex from Qatar looks set to fall
compared with the previous five years due to a moratorium on further development
of the North field which could last through 2014.
One of the main drivers for offshore development will be continued strong demand
for natural gas in the Persian Gulf region and the broader Middle East.