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Oman Oil and Gas Upstream Market Size (2024 - 2029)

The Oman oil and gas upstream market is poised for growth, driven by supportive government policies, efforts to expand the offshore sector, and increased exploration activities. Despite challenges such as the need for high capital investment and limited financing due to a global economic slowdown, the market has rebounded to pre-pandemic levels. The market's expansion is further supported by recent discoveries and ongoing exploration initiatives, presenting significant opportunities for industry players.

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Market Size of Oman Oil and Gas Upstream Industry

Oman Oil and Gas Upstream Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR > 5.00 %
Market Concentration Low

Major Players

Oman Oil and Gas Upstream Market Major Players

*Disclaimer: Major Players sorted in no particular order

Oman Oil and Gas Upstream Market Analysis

The Oman oil and gas upstream market is expected to grow at a CAGR of more than 5% during the forecasted period.

The market was negatively impacted by COVID-19 in 2020. Currently. The market has reached pre-pandemic levels.

  • In the long-term, supportive government policies, efforts to grow the offshore sector, and upcoming projects are the key drivers for the country's oil and gas upstream market. Also, the increased exploration activities in the country are expected to be the significant driver for Oman's oil and gas upstream market.
  • On the other hand, the requirement for high capital investment and a lack of financing due to a global economic slowdown are some restraints for Oman's oil and gas upstream market.
  • Nevertheless, many discoveries in recent years and ongoing exploration activities are the key opportunities to provide a significant opportunity for the country's oil and gas industry market players.

Oman Oil and Gas Upstream Industry Segmentation

The upstream market refers to the initial operation stage in the value chain of the Oil and Gas sector. It involves activities such as exploration, drilling, and production. The companies involved in the upstream segment perform preliminary inquiries into natural resources through extraction. Land Surveys, Marine Seismology, and other methods are some of the activities to locate the resources. The projects in Oil & Gas upstream market are capital-intensive.

The market is segmented by location of deployment, such as onshore and offshore. The report offers the market size and estimates for crude oil production forecast (in thousand barrels per day) and natural gas production forecast (in billion cubic feet) for all the segments.

Location of Deployment
Onshore
Offshore
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Oman Oil and Gas Upstream Market Size Summary

The Oman oil and gas upstream market is poised for growth, driven by supportive government policies and increased exploration activities. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Key drivers include efforts to expand the offshore sector and the initiation of new projects, although high capital requirements and limited financing due to global economic conditions pose challenges. The onshore sector remains dominant, with significant production coming from onshore fields, while offshore activities are still in the early stages of development. The natural gas sector is also experiencing growth, supported by rising exploration efforts.

Oman's oil and gas industry is characterized by a fragmented market with key players such as BP Plc, Royal Dutch Shell, and Total SA. Recent developments include joint ventures and exploration agreements, such as the collaboration with Iran on the Hengam offshore oilfield and the exploration deal with Shell for Block 11. These initiatives, along with new discoveries and increased production capacity, are expected to bolster the market's growth. The country's strategic assets, including Block 6 and the Khazzan field, continue to play a crucial role in its oil and gas exploration and production landscape.

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Oman Oil and Gas Upstream Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Oil and Gas Reserves, 2022

    3. 1.3 Oman Crude Oil Production Forecast in thousand barrels per day till 2027

    4. 1.4 Oman Natural Gas Production Forecast in billion cubic feet till 2027

    5. 1.5 Recent Trends and Developments

    6. 1.6 Government Policies and Regulations

    7. 1.7 Market Dynamics

      1. 1.7.1 Drivers

      2. 1.7.2 Restraints

    8. 1.8 Supply Chain Analysis

    9. 1.9 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Location of Deployment

      1. 2.1.1 Onshore

      2. 2.1.2 Offshore

Oman Oil and Gas Upstream Market Size FAQs

The Oman Oil and Gas Upstream Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

BP Plc, Royal Dutch Shell, Oman Oil Marketing Company SAOC, Total SA and Eni SpA are the major companies operating in the Oman Oil and Gas Upstream Market.

Oman Oil and Gas Upstream Market Report Snapshots

Oman Oil and Gas Upstream Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)