The Middle East is looking to increase gas production by 14bn standard cubic feet a day, increasing spend by up to $120bn, according to a report by Wood Mackenzie.
This would bring production to 86bn standard cubic feet a day, The Middle East steps on the gas report said.
The report noted there is opportunity for the Middle East to increase its exports to Europe following boycotts on Russian gas since its invasion of Ukraine.
Wood Mackenzie’s principal analyst for Middle East Upstream, Alexandre Araman, said: “The Middle East can be part of the solution for the global gas markets as the region continues to ramp up production from its gigantic gas reserves.
“To fulfil the level of production growth that we have predicted, investments in non-associated gas projects are set to reach a record $25bn this year and a cumulative total of $120 billion by the end of the decade.”
The Middle East's production goal is the equivalent to the entire gas consumption of the European power sector.
Qatar is looking to see its liquefied natural gas (LNG) exports reach 126m tonnes per annum by 2030. Abu Dhabi, meanwhile, is aiming to increase its LNG exports to 15.4m tonnes a year by 2028.