GCC Oil and Gas Market Analysis by Sector, Projects, Supply and Demand, 2023 Update
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Gulf Cooperation Council (GCC) Oil and Gas Market Report Overview
GCC is significant both in terms of oil and gas reserves and production, which is vital for global energy security. GCC seeks to develop its oil and natural gas resources mainly through the development of brownfield projects. Approximately 37 upcoming oil and gas projects, including 12 greenfield and 25 brownfield projects, are expected to come online from 2023 to 2030.
The Gulf Cooperation Council oil and gas market report provides a comprehensive overview of the crude oil and natural gas supply and demand outlook for GCC countries 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. Multiple incremental projects in Saudi Arabia are poised to increase output in the GCC region. These major projects include Ghawar, Safaniyah, Khurais Complex, Zuluf, and Shaybah.
Oil Supply and Demand in GCC Countries
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Gas Supply and Demand in GCC Countries
The North Field East and the North Field South projects in Qatar are expected to start operations in 2026 and 2027. This will contribute significantly to the growth of the GCC’s gas supply. Jafurah unconventional gas field phase 1 and phase 2 projects in Saudi Arabia, which are expected to start operations in 2025 and 2027, respectively, will also propel gas production in the GCC region in the coming years.
There has been a significant increase in domestic demand for LNG plants in Qatar. This can be attributed to the planned rise in LNG exports from the country. The North Field expansion projects in Qatar help in meeting the growing demand for LNG exports to Asia and Europe. In 2022, Asia accounted for more than 60% of LNG exports from Qatar.
Gas Supply and Demand in GCC Countries
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Projects Outlook for Major GCC Countries
United Arab Emirates (UAE): The United Arab Emirates is one the leading oil producers in the Middle East. The country had crude oil and natural gas production of more than 3 mmbd and 5 bcfd, respectively in 2022. A few of the major upcoming projects in UAE are Upper Zakum 1MBD, Belbazem Offshore Block, Bab Sustainable Project, Haliba Phase 2, and Dalma Gas among others.
Segments Covered in the Report
GCC Oil and Gas Countries Outlook (Value, 2023-2027)
- 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 GCC countries.
- Major upcoming projects in GCC countries.
- Upstream capex outlook in GCC countries.
Reasons to Buy
- Understand the crude oil and natural gas production outlook for GCC.
- Understand the capex outlook in GCC countries.
- Facilitate decision-making based on strong GCC demand and supply data.
- Keep abreast of key upcoming projects in GCC.
Table of Contents
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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How will GCC develop its oil and natural gas resources in the coming years?
GCC seeks to develop its oil and natural gas resources mainly through the development of brownfield projects.
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How many oil and gas projects are in the pipeline between 2023 and 2030?
Approximately 37 upcoming oil and gas projects, including 12 greenfield and 25 brownfield projects, are expected to come online from 2023 to 2030.
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What is driving the domestic demand for LNG plants in Qatar?
The planned rise in LNG exports from Qatar is fueling the domestic demand for LNG plants in Qatar.
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