All major oil and gas projects in Bahrain and the UAE are on track despite the fall in the global oil price impacting budgets in GCC oil-exporting companies.

“Any cuts in expenditure will have substantial and long-lasting impact on the producers and the market,” said Bahrain Energy Minister Abdul Mirza. “All our major oil projects are on track.”

Major oil projects in Bahrain include the 350,000 barrel-a-day (b/d) AB pipeline linking Bahrain and Saudi Arabia, which recently started the engineering, procurement and construction (EPC) phase.

Matar al Neyadi, undersecretary of the UAE Energy Minister, also said oil prices – which have halved since mid-2014 – have not impacted the country’s project pipeline.

“All investment planned in the UAE is on track and we haven’t seen a change in any plans,” said Neyadi.