Dubai, Oct 29 : Development and exploration projects worth about $196 billion are being undertaken across the Gulf region in the oil and gas sector, WAM news agency reported wednesday quoting reports.

The current economic crisis has prompted petroleum companies in the Middle East to enhance reservoir utilisation and flow modelling based on geostatistical analysis to accurately estimate reserves, it reported.

"In addition to multi-billion dollar investments the region's oil and gas players are undertaking at present, plans to expand the market through a massive investment worth $365 billion in the future are also in place. This reflects how oil and gas remain a very important economic driver and a critical resource for the region's economy," said Peter C. Venn, Regional Director - Oil and Gas, SAS, a provider of business intelligence and other services for the sector.(IANS)