UAE Oil and Gas Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 8.40 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
UAE Oil and Gas Market Analysis
The UAE oil And gas market size is expected to grow from 3,300 thousand barrels per day by the end of this year 3 to 4,939.24 thousand barrels after five years, at a CAGR of 8.40% during the forecast period.
- Over the medium term, factors such as increasing investment in the upstream sector coupled with supportive government policies are expected to drive the market's growth during the forecast period.
- On the other hand, the plans to diversify the power generation mix by introducing renewable energy sources are expected to hinder the market's growth during the forecast period.
- Nevertheless, the increasing demand for LNG in the country leads to the integration of smart technologies in the existing LNG infrastructure, creating ample opportunities for the market players during the forecast period.
UAE Oil and Gas Market Trends
The Upstream Sector to Dominate the Market
- The upstream segment is likely to dominate the market druing the foreacts period owing to the increasing investment in the sector across the country. According to Organization of Petroleum Exporting Countries, in December 2022, the United Arab Emirates's oil production, was about 3,043 thousand barrels per day.
- The country's natural gas increased by one trillion standard cubic feet (TSCF) and hydrocarbon reserves increased by 2 billion stock tank barrels (STB) of majorly Murban-grade crude. About 96% of the total reserves are in Abu Dhabi, followed by Dubai, Sharjah, and Ras al-Khaimah. Most of the onshore and offshore acreage is relatively well explored, while the recent drilling has yielded a few significant discoveries.
- In May 2022, Abu Dhabi National Oil Company (ADNOC) announced the discovery of 650 million barrels of offshore crude oil reserves in Abu Dhabi.
- Additionally, in a bid to counter the production from the maturing fields, the country plans to increase investments in the field expansion projects and the application of enhanced oil recovery (EOR) techniques.
- Therefore, based on the above-mentioned factors, the upstream sector is expected to dominate the country's oil and gas market during the forecast period.
Increasing Oil and Gas Investments Expected to Drive the Market
- The investment in the oil and gas sector is increasing significantly across the country owing to increasing exploration and production activities.
- As of 2022, the United Arab Emirates was the one of the largest crude oil producer and the fourth-largest producer of petroleum liquids in the Organization of the Petroleum Exporting Countries (OPEC). The oil and gas sector is critical to the United Arab Emirates economy, contributing significantly to the country's revenue.
- The nation's oil and gas sector has a significant infrastructure that helps the country trade its hydrocarbon to other parts of the world. Moreover, as part of its 2030 strategy of creating a more profitable petroleum sector, the country has formulated plans to significantly increase investments in the midstream and downstream sectors in the coming years.
- As part of its downstream expansion strategy, Abu Dhabi National Oil Company (ADNOC) announced its plans to invest approximately USD 45 billion in the downstream sector.
- Additionally, a few recent projects, such as the newest export pipeline from Habshan to Fujairah of 220 miles, may help the United Arab Emirates directly link the rich field of its western desert to the Gulf of Oman. The country also has the world's largest bunkering port in Fujairah.
- The country has a presence of several top value projects, such as ADNOC LNG - Fujairah LNG Export Terminal, which valued at around USD 7.95 billion; another such gas project is ADNOC/DUSUP - Jebel Ali Gas Reservoir Project valued USD 4.91 billion in 2022.
- Furthermore, in November 2022, ADNOC announced a investment of USD 150 billion over the next five years to enable an 'accelerated growth strategy' for oil and gas production.
- In November 2021, the Abu Dhabi National Oil Company (ADNOC) announced investment plans worth up to almost USD 6 billion (AED 22 billion) to enable drilling growth, as it boosts its crude oil production capacity to 5 million barrels per day (mmbpd) by 2030 and drives gas self-sufficiency for the United Arab Emirates (UAE).
- Hence, making some of the major projects economically viable with the help of domestic and foreign investments is expected to drive the United Arab Emirates oil and gas market during the forecast period.
UAE Oil and Gas Industry Overview
The United Arab Emirates oil and gas market is moderately fragmented. Some of the major players in the market (in no particular order) include Abu Dhabi National Oil Company (ADNOC), Exxon Mobil Corporation, BP PLC, Emirates National Oil Company Group, and TotalEnergies SE.
UAE Oil and Gas Market Leaders
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TotalEnergies SE
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BP PLC
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Exxon Mobil Corporation
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Abu Dhabi National Oil Company (ADNOC)
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Emirates National Oil Company Group
*Disclaimer: Major Players sorted in no particular order
UAE Oil and Gas Market News
- June 2023: National Petroleum Construction Company PJSC (NPCC), wholly owned by National Marine Dredging Company PJSC, UAE, announced that it had awarded a new contract from Abu Dhabi National Oil Company (ADNOC), UAE. The worth of the contract is USD 162.3 million. The project is related to the Engineering, Procurement, and Construction works for installing seven jackers for ADNOC.
- February 2022: Abu Dhabi's oil and gas company, ADNOC, announced the discovery of between 1.5 to 2 trillion standard cubic feet of gas in an offshore area in the northwest. The discovery comes as Gulf Arab states continue to count greatly on profits from oil and gas exports.
- January 2022: Abu Dhabi National Oil Company (ADNOC) awarded a USD 946 million EPC contract for the long-term strategic development of its Umm Shaif field. The EPC contract was awarded by ADNOC Offshore to National Petroleum Construction Company after a competitive tender process.
UAE Oil and Gas Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Oil and Gas Reserves in the United Arab Emirates, till 2022
4.3 Crude Oil Production and Consumption Forecast in thousand barrels per day, till 2028
4.4 Natural Gas Production and Consumption Forecast in billion cubic feet per day, till 2028
4.5 Recent Trends and Developments
4.6 Government Policies and Regulations
4.7 Market Dynamics
4.7.1 Drivers
4.7.1.1 Increasing Investment in the Upstream Sector
4.7.1.2 Supportive Government Policies
4.7.2 Restraints
4.7.2.1 Increasing Demand to Diversify the Power Generation Mix by Introducing Renewable Energy Sources
4.8 Supply Chain Analysis
4.9 PESTLE Analysis
5. MARKET SEGMENTATION - BY SECTOR
5.1 Upstream
5.2 Midstream
5.3 Downstream
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Oil and Gas Operators
6.3.1.1 Abu Dhabi National Oil Company (ADNOC)
6.3.1.2 Exxon Mobil Corporation
6.3.1.3 BP PLC
6.3.1.4 Emirates National Oil Company Group
6.3.1.5 TotalEnergies SE
6.3.2 Oil and Gas Technology and Service Providers
6.3.2.1 Schlumberger Limited
6.3.2.2 Al Masaood Oil Industry Supplies & Service Co. LLC
6.3.2.3 Halliburton Company
6.3.2.4 China Oilfield Services Limited
6.3.2.5 Expro Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand for LNG
UAE Oil and Gas Industry Segmentation
Oil and natural gas are major industries in the energy market and play an influential role in the global economy as the world's primary fuel source.
The United Arab Emirates oil and gas market is segmented by sector. By sector, the market is segmented by type into upstream, midstream, and downstream. The report offers the market size and forecasts in volume (thousand barrels per day) for the above segments.
UAE Oil and Gas Market Research FAQs
What is the current UAE Oil And Gas Market size?
The UAE Oil And Gas Market is projected to register a CAGR of 8.40% during the forecast period (2024-2029)
Who are the key players in UAE Oil And Gas Market?
TotalEnergies SE, BP PLC, Exxon Mobil Corporation, Abu Dhabi National Oil Company (ADNOC) and Emirates National Oil Company Group are the major companies operating in the UAE Oil And Gas Market.
What years does this UAE Oil And Gas Market cover?
The report covers the UAE Oil And Gas Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the UAE Oil And Gas Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the future trends of the United Arab Emirates Oil and Gas Market?
The future trends of the United Arab Emirates Oil and Gas Market are a) Energy transition towards renewable energy sources and clean technologies b)Digitalization to optimize operations and enhance productivity c) Carbon capture and storage (CCUS) technologies to reduce carbon emissions d) Integration of upstream, midstream, and downstream operations
Oil and Gas in UAE Industry Report
The oil and gas industry in the UAE is a crucial sector that significantly impacts the country's economy. With abundant oil and gas reserves, the UAE has established itself as a key player in the global market. The industry overview shows that the sector is divided into upstream, midstream, and downstream operations, with the upstream segment dominating the market. The UAE government's policies and investment programs drive the demand for oil and gas in the upstream sector.
The industry trend indicates that the downstream segment focuses on refining and petrochemicals, aiming to become a significant petrochemical center. The industry's outlook is positive, with a focus on energy diversification, sustainability, and technological advancements. This outlook is supported by comprehensive industry analysis and sector analysis that provide insights into market share and market size.
Industry information and industry reports highlight the importance of advanced technology and strategic partnerships with global players in the UAE's oil and gas sector. Industry research and industry statistics show the industry's growth rate and market value, emphasizing the sector's role in the economy. The market forecast and market predictions suggest continued growth, driven by the UAE's commitment to innovation and sustainability.
The industry sales and industry worth are significant, contributing to the overall market cap and market structure. The industry profile and market overview provide a detailed understanding of the market segmentation and the role of market leaders. The market report and market review offer valuable insights into the industry's dynamics, supported by market data and market trends.
The industry's future outlook is promising, with a focus on growth forecast and market growth. The market outlook and market segments highlight the potential for continued expansion and development. The price trend and market update provide an understanding of the industry's economic impact. The industry's success is further supported by research companies and intelligence reports that offer a comprehensive analysis of the market.
In conclusion, the UAE's oil and gas industry is poised for continued growth and success, driven by strategic investments, advanced technology, and a commitment to sustainability. The industry's value and market capitalization highlight its importance in the global market, making it a critical sector for the UAE's economic development.
