Market Size of Kuwait Oil and Gas Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Kuwait Oil & Gas Market Analysis
The Kuwaiti oil and gas market is expected to register a CAGR of over 3% during the forecast period. Factors, such as increased resilience of ambitious target of achieving crude production to 4 million barrels per day by end of 2020, along with the presence of an estimated 101.5 billion barrels (bbl) of oil reserves as of 2018, are expected to drive the oil and gas market during the forecast period. Moreover, several downstream projects are also underway, which are likely to bolster the market in the coming years. However, the volatile crude oil prices and the government's plan to increase the share of renewables in the energy mix are expected to hinder the growth of the market.
- Kuwait's downstream sector is expected to be the fastest-growing segment, owing to increased investments and upgradation projects in the refinery sector during the forecast period.
- Price reforms by the government and increase in demand for energy efficiency are expected to create several opportunities for the market players in the Kuwaiti oil and gas market.
- Despite the decline in global oil prices, Kuwait signaled continued commitment to its stated production targets and investment program, and it has ambitious oil and gas production targets, which are expected to drive the market during the forecast period.
Kuwait Oil & Gas Industry Segmentation
The Kuwaiti oil and gas market report includes:
| Sector | |
| Upstream | |
| Midstream | |
| Downstream |
Kuwait Oil and Gas Market Size Summary
The Kuwaiti oil and gas market is poised for growth, driven by ambitious production targets and substantial oil reserves. The market is expected to experience a steady expansion, supported by ongoing downstream projects that aim to enhance refining capacity and efficiency. Despite challenges such as fluctuating crude oil prices and a governmental shift towards renewable energy, the sector remains resilient. The downstream segment, in particular, is anticipated to be the fastest-growing area, fueled by significant investments and upgrades in refinery infrastructure. Initiatives like the Clean Fuels Project and the Al-Zour refinery are set to bolster Kuwait's refining capabilities, aligning with the country's strategic goals in the oil and gas industry.
Kuwait's commitment to increasing crude and natural gas production is evident in its substantial investments in the sector, with plans to expand both onshore and offshore production capacities. The introduction of enhanced oil recovery techniques marks a significant advancement in the region, potentially attracting further investments. Key industry players, including Kuwait Petroleum Corporation and international companies like Royal Dutch Shell and Chevron, are integral to the market's dynamics. These developments, coupled with government-led price reforms and a focus on energy efficiency, are expected to create numerous opportunities for market participants, ensuring a robust growth trajectory for Kuwait's oil and gas sector during the forecast period.
Kuwait Oil and Gas Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Kuwait's Contribution to Regional and World Oil and Gas Production (2010- 2018)
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1.3 Kuwait Crude Oil Production Forecast in thousand barrels per day, till 2025
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1.4 Kuwait Crude Oil Consumption Forecast in thousand barrels per day, till 2025
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1.5 Recent Trends and Developments
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1.6 Government Policies and Regulations
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1.7 Market Dynamics
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1.7.1 Drivers
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1.7.2 Restraints
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1.8 Supply Chain Analysis
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1.9 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Sector
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2.1.1 Upstream
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2.1.2 Midstream
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2.1.3 Downstream
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Kuwait Oil and Gas Market Size FAQs
What is the current Kuwait Oil and Gas Market size?
The Kuwait Oil and Gas Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Kuwait Oil and Gas Market?
Kuwait Petroleum Corporation, Boubyan Petrochemical Company, Royal Dutch Shell PLC, Chevron Corporation and BP PLC are the major companies operating in the Kuwait Oil and Gas Market.
