UAE Oil and Gas Upstream Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 9.29 Billion |
| Market Size (2029) | USD 12 Billion |
| CAGR (2024 - 2029) | 5.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UAE Oil and Gas Upstream Market Analysis
The United Arab Emirates Oil And Gas Upstream Market size is estimated at USD 9.29 billion in 2024, and is expected to reach USD 12 billion by 2029, growing at a CAGR of 5.20% during the forecast period (2024-2029).
- Over the medium term, factors such as increasing natural gas production, increasing onshore exploration and production activities and rising oil and gas investments are expected to drive the United Arab Emirates oil and gas upstream market 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 growth of the United Arab Emirates oil and gas upstream market.
- Nevertheless, the increasing demand for LNG in the country leads to the integration of smart technologies in the exploration of natural gas, creating an ample number of opportunities for the market players in the country.
UAE Oil and Gas Upstream Market Trends
Onshore Segment to Witness Significant Growth
- The United Arab Emirates (UAE) is among the world’s tenth largest oil producers. About 96% of the country’s roughly 100 billion barrels of proven oil reserves are located in Abu Dhabi, ranking number six worldwide. The UAE produces an average of 3.2 million barrels of petroleum and liquids per day.
- The United Arab Emirates accounted for over 13.07% of the share in the Middle East’s oil production, with 4.02 million barrels per day of production in 2022. It also has 11.7% of the region’s proven oil reserves as of 2020.
- According to Statistical Review of World Energy Data 2022, the country's oil reserves stood at 97.8 billion barrels (bbl), and gas reserves stood at 5.9 trillion cubic meters (TCM) as of 2020. About 90% of the total reserves are in Abu Dhabi, followed by Dubai, Sharjah, and Ras al-Khaimah. The majority of the acreage, both onshore and offshore, is relatively well explored, while the recent drilling has yielded a few significant discoveries.
- In August 2023, China Petroleum Engineering and Construction (CPECC) has secured a contract from Adnoc Onshore, a subsidiary of state-owned Abu Dhabi National Oil Company, to enhance production from its mature fields. This marks the second such agreement signed between the two companies within a three-month period.
- 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, increasing onshore exploration and production activities are expected to witness significant growth of the United Arab Emirates oil and gas upstream market during the forecast period.
Rising Oil and Gas Investments are Driving the Market Demand
- United Arab Emirates seeks to enhance the profitability of its upstream assets while developing the oil resources mandatory to meet projected increases in global oil demand. Abu Dhabi National Oil Company (ADNOC), a state-owned oil company and the largest offshore oil and gas producer in United Arab Emirates, plans to augment its upstream crude production further through concession agreements for new exploration and production.
- In November 2022, Abu Dhabi National Oil Company (ADNOC), announced a plan to spend USD 150 billion on capital expenditure in the coming five years as it plans to advance its 5 million bpd of oil production capacity target to 2027 on the back of improved market fundamentals. As part of this plan, ADNOC aims to drive USD 48 billion back into the United Arab Emirates economy through its ICV (In Country Value) programme.
- As of 2022, the United Arab Emirates was the seventh-largest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC). In 2022, it saw a significant increase in production with oil output rising to 4,.02 million bpd. The oil and gas sector is critical to the UAE economy, contributing significantly to the country's revenue.
- As of 2022, the United Arab Emirates has produced 58 billion cubic meters of natural gas, which is comparatively higher than the 54.3 billion cubic meters produced in 2017. The country has formulated plans to significantly increase investments in natural gas explorations in the coming years.
- In February 2023, Abu Dhabi National Oil Company subsidiary Adnoc Drilling announced that it is planning to spend up to USD 2.5 billion in the next two years to rapidly expand its rig fleet in line with the emirate’s capacity enhancement programme.
- Moreover, in April 2023, Abu Dhabi National Oil Company (Adnoc) launched a fresh tender process for multiple packages involving its multibillion-dollar Hail & Ghasha offshore sour gas development. The state-run giant called on leading domestic and international contractors for new expressions of interest.
- 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 upstream market during the forecast period.
UAE Oil and Gas Upstream Industry Overview
The UAE oil and gas upstream market is semi fragmented. Some of the key players in this market (in no particular order) includes Abu Dhabi National Oil Company (ADNOC), Exxon Mobil Corporation, BP PLC, Emirates National Oil Company Group, and TotalEnergies SE.
UAE Oil and Gas Upstream Market Leaders
TotalEnergies SE
BP PLC
Exxon Mobil Corporation
Emirates National Oil Company Group
Abu Dhabi National Oil Company (ADNOC),
*Disclaimer: Major Players sorted in no particular order
UAE Oil and Gas Upstream Market News
- June 2023, United Arab Emitates-based ADNOC Drilling secured contracts worth USD 2 billion from state-owned Abu Dhabi National Oil Company (ADNOC) involving the charter of multiple jack-up rigs.
- 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 the National Petroleum Construction Company after a competitive tender process.
UAE Oil and Gas Upstream Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 United Arab Emirates Crude Oil Production and Forecast, till 2029
4.3 United Arab Emirates Natural Gas Production and Forecast, till 2029
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.6.1 Drivers
4.6.1.1 Increasing Natural Gas Production
4.6.1.2 Rising Upstream Oil and Gas Investments
4.6.2 Restraints
4.6.2.1 Plans to Diversify the Power Generation Mix by Adoption of Renewable Energy Sources
4.7 Supply Chain Analysis
4.8 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Location of Deployment
5.1.1 Onshore
5.1.1.1 Overview
5.1.1.1.1 Existing Projects
5.1.1.1.2 Projects in Pipeline
5.1.1.1.3 Upcoming Projects
5.1.2 Offshore
5.1.2.1 Overview
5.1.2.1.1 Existing Projects
5.1.2.1.2 Projects in Pipeline
5.1.2.1.3 Upcoming Projects
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 Abu Dhabi National Oil Company (ADNOC)
6.3.2 Exxon Mobil Corporation
6.3.3 BP PLC
6.3.4 Emirates National Oil Company Group
6.3.5 TotalEnergies SE
6.3.6 Schlumberger Limited
6.3.7 Al Masaood Oil Industry Supplies & Service Co. LLC
6.3.8 Halliburton Company
6.3.9 China Oilfield Services Limited
6.3.10 Expro Group
- *List Not Exhaustive
6.4 Market Player Ranking
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Demand for LNG
UAE Oil and Gas Upstream Industry Segmentation
Upstream refers operations stages in the oil and gas industry that involve exploration and production. Oil and gas companies can generally be divided into three segments: upstream, midstream, and downstream. Upstream firms deal primarily with the exploration and initial production stages of the oil and gas industry.
The United Arab Emirates oil and gas upstream market is segmented by location of deployment. By location of deployment, the market is segmented into Onshore and Offshore. The report offers the market size and forecast on the basis of value for all the above segments.
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UAE Oil and Gas Upstream Market Research FAQs
How big is the United Arab Emirates Oil And Gas Upstream Market?
The United Arab Emirates Oil And Gas Upstream Market size is expected to reach USD 9.29 billion in 2024 and grow at a CAGR of 5.20% to reach USD 12 billion by 2029.
What is the current United Arab Emirates Oil And Gas Upstream Market size?
In 2024, the United Arab Emirates Oil And Gas Upstream Market size is expected to reach USD 9.29 billion.
Who are the key players in United Arab Emirates Oil And Gas Upstream Market?
TotalEnergies SE, BP PLC, Exxon Mobil Corporation, Emirates National Oil Company Group and Abu Dhabi National Oil Company (ADNOC), are the major companies operating in the United Arab Emirates Oil And Gas Upstream Market.
What years does this United Arab Emirates Oil And Gas Upstream Market cover, and what was the market size in 2023?
In 2023, the United Arab Emirates Oil And Gas Upstream Market size was estimated at USD 8.81 billion. The report covers the United Arab Emirates Oil And Gas Upstream Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the United Arab Emirates Oil And Gas Upstream Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
UAE Oil and Gas Upstream Industry Report
Statistics for the 2024 UAE Oil and Gas Upstream market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. UAE Oil and Gas Upstream analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
