GCC Natural Gas Market Notable industry players across the GCC natural gas market include Royal Dutch Shell, Exxon Mobil, GAZPROM, Chevron, Total, ConocoPhillips, Statoil, Occidental Petroleum Corporation, Lukoil, British Petroleum, Eni, ONGC, Bahrain Pet

The increasing awareness and demand for alternate and cleaner fuel worldwide has propelled the GCC natural gas market, taking it beyond the 40 billion-dollar mark in 2017. Natural gas plays an important role in the region’s industrial development where the domestic demand is rising, and emphasis is being poured onto reinforcing energy security. Proven to hold the largest reserves of oil and natural gas, the GCC (Gulf Cooperation Council) nations are endeavoring towards progressive adoption of LNG as an energy source along with diverging export avenues, boosting the GCC natural gas industry.

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Since the advent of oil and gas production in the gulf countries, they have experienced unprecedented economic boom leading to high per capita income and the consequential rise in energy consumption, which is one of the highest in the world. Depending on the vast resource availability, the governments of these countries have spared no efforts in providing ample products and services for low prices along with free education, healthcare, cheap utilities and even cheaper gasoline. The region is now targeting to increase natural gas production through untapped sources and will expose new revenue prospects for the GCC natural gas market.

Elaborating on the steps taken by GCC nations, Qatar recently lifted a self-imposed suspension on the exploration of offshore North Field in the Persian Gulf, which has been identified as the biggest gas reserve in the world. The decision followed Qatar’s announcement of plans to increase its LNG production capacity from 77 to 100 mtpa. The development of the North field gas reserves will strengthen Qatar’s position in the GCC natural gas market, as it is already credited with being the most cost-effective and leading supplier of LNG for almost two decades. Saudi Arabia will follow suit and has committed USD 7 billion to push the upstream operations in order to develop the nation’s shale gas potential.

Influencing the GCC natural gas industry is the notion among experts that natural gas will be the preferred method of energy generation in the future, when stable energy production will be required in the areas where harnessing the wind or solar power is difficult. Compared to other fossil fuels, natural gas is considered to be relatively clean with almost 50% less carbon emissions besides 75% lower emissions of nitrogen oxide and other harmful particles. These characteristics have not only aided the acceptance of natural gas in industrial sector but also transformed the automotive market where vehicles running on CNG deliver excellent fuel efficiency and less emissions. With the continuous expansion of low cost supplies of LNG triggering the increased availability and consumption of gas, GCC natural gas market is predicted to exhibit a CAGR of 4% over 2018-2024.

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Report Content
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 GCC Natural Gas Market Industry Insights
Chapter 4 GCC Natural Gas Market, By Product
Chapter 5 GCC Natural Gas Market, By Application
Chapter 6 GCC Natural Gas Market, By End Use
Chapter 7 GCC Natural Gas Market, By Country
Chapter 8 Company Profiles

Residential application in 2017, held over 12% of the GCC natural gas market share on account of expanding middle class population base favored by rapid economic growth. World Bank in 2018 projected a growth over 1.5% in reference to the Saudi Arabian economy.

CNG natural gas market size is predicted to exceed USD 3 billion by 2024. Shift in trend toward sustainable resources to reduce environment pollution along with increasing number of automotive vehicles will drive the product demand. For instance, in Saudi Arabia, the sales of passenger cars are anticipated to grow by 50%.

UAE natural gas market is projected to witness significant growth owing to positive outlook toward energy diversification. For instance, government of UAE set a target to integrate 24% of renewable resource contribution under the National Agenda 2021.

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Positive outlook toward development of tight gas and shale reserves with abundant availability of unconventional reserves will fuel the Bahrain natural gas market size. In 2018, operators across Bahrain discovered 80 billion barrels of tight oil in the off-coast region which in turn will positively sway the industry dynamics.

Increasing investment towards the development of unconventional natural gas reserves along with growing demand for energy will propel the Saudi Arabia natural gas market share. For instance, Saudi Aramco announced to invest USD 7 billion for the development of shale gas reserves.

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