GCC Oil and Gas Market Analysis by Sector, Projects, Supply and Demand, 2024 Update
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Gulf Cooperation Council (GCC) Oil and Gas Market Report Overview
The Gulf Cooperation Council (GCC) is a regional organization in the Middle East. It holds considerable significance due to its substantial oil and gas reserves and production capabilities, playing a crucial role in ensuring global energy security. GCC is on the brink of a significant transformation in its oil and gas sectors, with major projects across member states poised to enhance production capabilities by 2030. This expansion is set to solidify the organization’s strategic position in the global energy market and catalyze regional economic growth.
The GCC oil and gas market report provides a comprehensive overview of the crude oil and natural gas supply and demand outlook for countries in the region till 2030. The report also offers in-depth insights into the sectoral demand for natural gas in the GCC from 2020 to 2030. These detailed analyses of the oil and gas market in GCC are critical in developing impactful business plans to gain a competitive edge.
| Key Countries | · Saudi Arabia
· Oman · Kuwait · Qatar · The UAE · Bahrain |
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Oil Supply and Demand in GCC Countries
A few of the key countries associated with the GCC oil demand and supply are Saudi Arabia, Oman, Kuwait, Qatar, the UAE, and Bahrain. GCC is poised to substantially increase its overall oil production by 2030. This can be attributed to pivotal projects underway in Saudi Arabia (mainly through expansion projects from fields such as Ghawar and Zuluf), the UAE (Upper Zakum, and Bu Hasa), Oman (Mafraq), and Qatar (Ruya Development). These initiatives are expected to augment the region’s strategic significance in the international oil market and stimulate economic expansion in the region.
Oil Supply and Demand in GCC Countries
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Gas Supply and Demand in GCC Countries
Among GCC countries, Qatar will significantly boost the region’s gas supply through the North Field East and North Field South projects. Similarly, Saudi Arabia’s Jafurah, the largest unconventional natural gas field, with its Phase 1 and Phase 2 development projects, will also enhance gas production in the region.
The UAE is actively expanding its natural gas production to address the increasing demand spurred by heightened economic activity, population growth, and industrial expansion. In alignment with its strategic initiatives, the UAE is planning to bolster industrial growth and power generation through the development of its natural gas sector. The country is betting on upcoming ventures such as Ruwais Diyab FFD Project and Hail & Ghasha to increase gas production. Furthermore, the advancement of infrastructure, including pipelines and processing facilities, is improving supply capabilities, positioning the UAE as a leading regional authority in natural gas production and consumption.
Gas Supply and Demand in GCC Countries
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Projects Outlook for Major GCC Countries
Saudi Arabia: Saudi Arabia is set to significantly increase its crude oil and natural gas production through 2030. The country aims to expand crude oil capacity to 11.6 million barrels per day by 2030, with major investments in fields like Ghawar, and Zuluf. On the natural gas front, projects such as the Jafurah gas. Additionally, the development of non-associated gas fields, and infrastructure expansion will improve Saudi Arabia’s role in the global natural gas market. These efforts align with Saudi Vision 2030, focusing on economic diversification, reducing reliance on oil, and increasing domestic natural gas demand by replacing oil-powered generators with natural gas and renewable energy sources. A few of the major upcoming projects in Saudi Arabia include Dammam Redevelopment, Jafurah Phase 1, Marjan Expansion, Berri Expansion Phase 1, and Karan Development, among others.
Segments Covered in the Report
GCC Oil and Gas Countries Outlook (Value, 2024-2030)
- Saudi Arabia
- Oman
- Kuwait
- Qatar
- The UAE
- Bahrain
Scope
This report provides:
- Crude oil and natural gas supply and demand outlook for GCC countries till 2030.
- Natural gas demand by sector for the GCC.
- Major upcoming projects in the GCC countries.
- Upstream capex outlook in the GCC.
Reasons to Buy
- Understand the crude oil and natural gas production outlook for the GCC.
- Understand the upstream capex outlook in the GCC countries
- Facilitate decision-making on the basis of strong GCC demand and supply data
- Keep abreast of key upcoming projects in the GCC
Table of Contents
Table
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Frequently asked questions
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Which are the major countries associated with GCC?
A few of the key countries associated with the GCC are Saudi Arabia, Oman, Kuwait, Qatar, the UAE, and Bahrain.
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Which projects will significantly boost Qatar’s natural gas supply?
The North Field East and North Field South projects will the North Field East and North Field South projects.
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Which is the largest unconventional natural gas field in Saudi Arabia?
Jafurah is the largest unconventional natural gas field in Saudi Arabia.
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Which are the major upcoming projects in Saudi Arabia?
A few of the major upcoming projects in Saudi Arabia include Dammam Redevelopment, Jafurah Phase 1, Marjan Expansion, Berri Expansion Phase 1, and Karan Development, among others.
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