GCC - Oil & Gas Investment to be $120 Billion by 2010

(MENAFN) According to officials, the GCC countries are investing $120 billion or 60 percent of the total $200 billion investment planned in oil and gas sector by the Middle Eastern countries between 2006 and 2010, Gulf News reported.

President of the Saudi Arbitration Group said at a conference on arbitration in oil and gas sector in Dubai that Saudi Arabia is investing $50 billion, Qatar investing $28 billion, the UAE's investment reaching $19 billion while Kuwait and Oman are investing $13 and $10 billion respectively.

He added that the Arab world holds 60 percent of world oil reserves and 35 percent of gas reserves while further discoveries are made continuously. International investment in oil and gas are also on the rise that will help us meet future demand.

UAE earned $42.3 billion in revenue from oil and gas in 2005 which is 15.48 percent of the $273.1 billion generated by the six GCC states, with Saudi Arabia representing more than a half to $161.2 billion and Kuwait getting $47 billion.

However, UAE minister of energy pointed out the need of formulating arbitration in the international oil and gas sector, and that the historical context of dispute resolution in the international oil and gas sector will allow us to review the current and emerging issues in international oil and gas arbitration.