Dubai – Mubasher: The total value of 361 oil and gas projects in the GCC reached AED 1.21 trillion ($331.4 billion) in November, Trade Arabia reported, citing a report of BNC as saying.

The number of oil and gas projects in the GCC nations levelled up 6% during the third quarter of 2017, compared to Q2-17, and the total value of these projects increased 5%, the report added.

"The renewed optimism in the global economy and a slight increase in demand is reflected in the latest oil and gas construction analytics issued by BNC Network – with the announcement of 17 new oil and gas projects, worth $22.05 billion in the third quarter of 2017,” citing BNC’s CEO, Avin Gidwani said.

"This also reflects that the governments of the GCC are determined to invest more in hydrocarbon projects to increase output and exports of oil and gas products to fuel the global economic growth that is set to accelerate further in the next few years," Gidwani added.

During Q3-17 about ten oil and gas projects at a value of $5.6 billion reached to construction phase after completing other stages.

The largest oil and gas project in Q3-17 was phase 1 of Duqm Refinery and Petrochemical Complex in Oman at a value of $2.75 billion.

During Q3-17, 15 gas and oil projects worth $9.9 billion were completed.