Statoil, LUKOIL Profiled in GCC Natural Gas Market Comprehensive Study 2024 by ADNOC Group, Saudi Aramco, Eni, Dana Gas, ConocoPhillips, Gazprom Neft

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.

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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.

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. In fact, the Oman government is also looking forward to supplying natural gas to domestic energy-intensive companies and power generation plants, diversifying the country’s economy away from oil.

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.

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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.

GCC Natural Gas Market key Players
• Total
• Saudi Aramco
• Petroleum Development Oman
• Eni
• ONGC Videsh Ltd
• Rosneft
• Petrobras
• Dana Gas
• ConocoPhillips
• Gazprom Neft

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