GCC Natural Gas Market expected to grow significantly over 2024 by ADNOC Group, Gazprom Neft, Statoil, LUKOIL, Saudi Aramco, Eni, Dana Gas, ConocoPhillips
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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.
Growing need to cater burgeoning domestic demand, achieve self-sufficiency and reinforce energy security will drive the GCC natural gas market share. According to the 2017 BP Energy Outlook, energy consumption across the Gulf region is projected to increase by 54% by 2040, with natural gas representing over 60% of growth. Population growth, improved standards of living, urbanization, and industrialization across the regional economies will further fuel the industry growth.
Strengthening E&P activities fueled by legislative fiscal support to minimize dependency on imports will boost the Kuwait natural gas market. For instance, the Government of Kuwait recently announced an investment of USD 500 billion in the country’s oil & gas projects by 2040. As a part of the proposed plan, the country aims at increasing the NG production from 200 million bcf per day to 2.5 billion bcf by 2040.
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Unconventional natural gas market is set to expand over 9 % by 2024. Increasing focus toward monetization of regional non-conventional reserves to minimize dependency on imports will boost the industry growth. For instance, Oman recently emerged as the first Gulf economy to join the unconventional oil & gas production boom. In 2017, the production began at the Khazzan tight gas field, which is the region’s first large-scale unconventional gas project, worth USD 16 billion.
Notable industry players across the GCC natural gas market include
• Saudi Aramco
• Petroleum Development Oman
• Dana Gas
• ONGC Videsh Ltd
• Gazprom Neft
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