GCC Natural Gas Market Analysis - 2024 by Key Players Royal Dutch Shell, ExxonMobil, Chevron, Total, Statoil, BP, ADNOC Group, Saudi Aramco, Petroleum Development Oman, GE, Qatar Petroleum

GCC natural gas market has been a recipient of the concerns related to energy security and climatic changes due to increasing fossil fuel consumption. In a bid to strengthen the regional sustainable energy scenario, GCC countries including Kuwait, UAE, Bahrain, Saudi Arabia, Qatar, and Oman have been planning to increase the dependency on sustainable energy sources for curbing carbon footprints. In accordance, they have apparently set long-term goals that are certain to favorably stimulate GCC natural gas industry.

Aimed toward encouraging foreign as well as local investors to contribute to the development of sustainable energy projects, member states of GCC have compiled a set of stringent regulatory norms. With more and more regulatory policies concerning energy transition becoming commonplace, GCC natural gas market outlook is likely to undergo a transformation in the years to come. The UAE for example, has initiated a policy called ‘Energy Strategy 2050’ that targets carbon footprint reduction by 70% while simultaneously increasing the share of clean energy in the overall energy mix to 50% by 2050.

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Continuing alongside similar lines, Saudi Arabia, with other member countries such as UAE has been striving since long to concentrate on unconventional gas production. That said, one of the principal factor aiding the growth of GCC natural gas market is the abundant availability of natural gas resources in the region and the rapidly rising consumption levels of the same. Apparently, regional contenders have been working on a number of growth strategies, specifically increased investments to upscale the revenue graph of GCC natural gas industry. Saudi Aramco, for example, the national oil company, recently declared an investment of USD 7 billion in addition to an earlier capital, to accelerate the development of shale gas resources in the region. As the country’s shale gas potential comes to the fore in the ensuing years, GCC natural gas market as a whole is certain to benefit from this strategy, placing Saudi Arabia is a position of dominance. Powered by the continuous efforts of the government in gas exploration and excavation activities, GCC natural gas industry from Saudi Arabia will register a CAGR of 3% over 2018-2024.

As of now, heavy investments by the Gulf countries on oil and gas projects have been making a remarkable impact on GCC natural gas market trends. The growth strategies adopted by regional governments to promote energy-intensive and petrochemical industries to use natural gas for accomplishing their energy needs is also poised to propel the product demand. As the growing energy need for domestic industries reduces the economic dependency of most of the Gulf countries on oil exports, owing to the increasing gas production, GCC natural gas industry is certain to observe an upsurge. Powered by regulatory support and growing gas exploration activities, GCC natural gas market is expected to register a CAGR of more than 4% over 2018-2024.

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Eminent Players in GCC Natural Gas Market:

• Royal Dutch Shell
• ExxonMobil
• Chevron
• Total
• Statoil
• Petrobras
• LUKOIL
• BP
• ADNOC Group
• Saudi Aramco
• Petroleum Development Oman
• GE
• Qatar Petroleum
• Bahrain Petroleum Company

GCC Natural Gas Market Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/gcc-natural-gas-market

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