What's driving the GCC Natural Gas Market trends? Key Company Profiled Exxon Mobil, ONGC Videsh, Statoil, ConocoPhillips, Rosneft, GAZPROM, LUKOIL, Eni, Chevron, ADNOC Group
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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.
Speaking more about the O&G exploration and excavation programs, many foreign investors have depicted their interest in the Omani gas fields owing to the rise in gas production across this region. Validating the aforementioned fact, UK based petroleum company, BP has signed a deal with the Oman Oil Company to enhance gas production. This collaborative approach of the company to escalate gas exploration activities has been touted to reduce the economic dependency of the country on oil revenues.
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.
Unconventional natural gas market is anticipated to witness growth over 9% by 2024. Growing demand for clean fuel from power plant and water desalination industry will stimulate the industry landscape. Ability to offer greater efficiency, less carbon emissions and non-toxins are some of the features which will enhance the product penetration across the region.
Abundant reserves featuring high-margin and low-cost development opportunities will propel the conventional natural gas market. For instance, the North Field natural-gas condensate field located in the Persian Gulf is the world’s largest gas reserve. According to the International Energy Agency (IEA), the field holds an estimated 1,800 TCF of in-situ gas majorly shared by Iran and Qatar.
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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.
Eminent participants across GCC natural gas market include
• Saudi Aramco
• Petroleum Development Oman
• Dana Gas
• ONGC Videsh Ltd
• Gazprom Neft
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