Middle East Infrastructure Rebuild to Create Lucrative Boom for Select Firms
A new contest is expected to emerge after the US-Israeli air strikes against Iran cease: the scramble for contracts to rebuild damaged oil and gas infrastructure and restore shipping lanes across the Middle East.
The destruction from the conflict has not been confined to Iran, with at least 40 energy assets across nine countries in the region severely or very severely damaged, according to Fatih Birol, head of the International Energy Agency. He described the crisis as worse than the two oil shocks of the 1970s and the impact of the Russia-Ukraine war on gas combined.
Multinational engineering giants such as SLB (formerly Schlumberger), Halliburton, Baker Hughes, and Weatherford will play a vital role in rebuilding Iran's damaged infrastructure. Political affiliations are likely to influence which companies ultimately win contracts.