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Comprehensive innovative research on GCC Natural Gas Market | Key Company Profiled Eni, Chevron, ADNOC Group, Exxon Mobil, ONGC Videsh, Statoil, ConocoPhillips, Rosneft, GAZPROM, LUKOIL
GCC Natural Gas Market
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Increasing focus toward development of non-conventional reservoirs with an aim to minimize dependency on imports will fuel the GCC natural gas Market. Low electricity generation cost, environmental proximity and cost effectiveness will make the product adoption preferable over other alternatives. According to BP energy outlook, natural gas is predicted to witness growth over 60% where total energy utilization is projected to gain over 50% escalation by 2040.
Qatar natural gas market is predicted to surpass 50 million tons by 2024. Positive consumer outlook toward LNG production accompanied by abundant availability of natural gas reserves will propel the market penetration. The Government of Qatar, in 2018, announced its plans to boost LNG production by 30% from 77 to 100 million metric tons per annum by 2023.
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.
CNG natural gas market is projected to surpass USD 3 billion by 2024. Shifting trend toward energy security coupled with rising number of automotive vehicle will boost the product demand. In Saudi Arabia, passenger vehicle sales are predicted to grow by 50%.
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UAE natural gas market is predicted to witness robust growth on account of positive outlook toward diversification of energy. The Government of UAE has set a target to consolidate 24% of its contribution from renewable resource under its National Agenda 2021.
Ongoing investments for the development of unconventional NG reserves along with escalating demand of energy will complement the Saudi Arabia natural gas Market. Saudi Aramco announced investment of USD 7 billion toward development of shale gas reserves.
Eminent participants across GCC natural gas market include
• Saudi Aramco
• Statoil
• Total
• Petroleum Development Oman
• Rosneft
• Petrobras
• Dana Gas
• Eni
• ONGC Videsh Ltd
• ConocoPhillips
• Gazprom Neft
• Chevron
To know more about GCC natural gas market @ https://www.marketwatch.com/press-release/gcc-natural-gas-market-is-determined-to-grow-us-50-billion-by-2024-2019-03-06
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