There's no other way to say it: the oil and gas industry is booming... and doing so in spite of a world economy that is just now surpassing pre-recession levels. Scandinavian Oil and Gas Magazine reports 233 new upstream projects in the past 12 months, representing $122 billion in investment capital. As Qatar implements enhanced oil recovery technologies to double production in one mature field, Iraq continues to develop its massive reserves. The Western Hemisphere continues its dance with tight gas in the north and pre-salt production south of the Equator. Midstream and downstream projects seem to be keeping up, too.