Kuwait Oil & Gas Market cover

Kuwait Oil & Gas Market by Sector (Upstream, Midstream, and Downstream) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: EP-2491
  • Author: Growth Market Reports
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  • No. Of Pages: 194
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The Kuwait oil & gas market size is projected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising production of oil and increasing demand for natural gas in the country.

Kuwait Oil & Gas Market summary

Refining of petroleum crude oil includes processing & purifying of raw natural gas, and marketing and distribution of the products made from oil and natural gas. The products derived include asphalt, lubricants, waxes, fuel oils, natural gas, liquefied petroleum gas, gasoline, kerosene, jet fuel, diesel oil, and petrochemicals. The hydrogen sulfide removed in the refining process of crude oil and natural gas is converted into byproduct elemental sulfur.

Companies are adopting the gas to liquid technology to reduce the pollution levels and to produce high quality petroleum products. The conversion of natural gas to high quality liquid products is done through gas to liquid technology. International support and investment in the oil & gas industry is growing the market. The companies are rearranging its operations and activities to recover from the covid-19 impact.  The covid-19 pandemic affected the supply & demand of Kuwait oil & gas market. Decreasing supply of raw materials, lockdown across the country, and supply chain disorders forced manufacturers to close down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Kuwait is a major oil supplier and a member of the OPEC consortium. Kuwait owns about 7% of the world's oil reserves and has current production capacity of about 3.15 million barrels per day. Kuwait Petroleum Corporation (KPC) declared its target to increase oil production, including the development of a heavy oil production facility with a capacity of 60,000 barrels per day. KPC has announced a nearly $ 115 billion investment plan that will be implemented between 2015 and 2020 and is estimated to split equally between the upstream and downstream sectors. Existing refining projects include the clean fuel project, which modernize and expand the Mina Abdullah and Mina Al Ahmadi refineries. Kuwait national petroleum company has awarded design, procurement, and contracting contracts with clean fuels with three international corporations. Kuwait planned to invest more than $ 100 billion between 2018 and 2023 in the oil and gas industry to increase production capacity by increasing investments for crude oil production from existing capacity of crude oil and natural gas production. In addition, for natural gas, Kuwait could increase production from 200 million trillion cubic feet per day to several times during forecast period. Enhanced oil recovery method will improve the stream of remaining oil through the reservoir and is the first of its kind to be adopted in the Middle East, and this is projected to attract investment from many oil companies.

Market Trends, Drivers, Restraints, and Opportunities

  • Increasing demand for consumption of natural gas is expected to boost the market growth during the forecast period.
  • Increasing demand of products from oil & gas industry owing to increasing investment and new refinery projects is major factors driving the market in the coming years.
  • Government initiatives and policies to grow the oil & gas upstream industry are projected to fuel the market during forecast period.
  • High cost of equipment and process used in the oil & upstream market is expected to restrict the market growth.
  • Lack of awareness among people and delay in revision of petroleum act as major factors that can hamper the market growth during the forecast period.
  • R&D investment and technological advancement in the techniques used in the oil & gas industry is projected to offer immense opportunities for the market players.

Scope of the Report

The report on the Kuwait oil & gas market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Oil & Gas Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Sector (Upstream, Midstream, and Downstream)

Geography

Kuwait

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

BP PLC; Kuwait Petroleum Corporation; Royal Dutch Shell PLC; Boubyan Petrochemical Company; and Chevron Corporation

Market Segment Insights

The downstream segment is projected to represent a major market share

In terms of sector, the oil & gas market is segregated into upstream, midstream, and downstream. The downstream segment is expected to represent a key share of the market during the forecast period owing to a serious review of Kuwait's refining and marketing sector is underway, following the award of long-delayed alZour refinery contracts and improvements to alAhmadi and Mina Abdullah's refineries, which are expected to accelerate the sector's downstream progress during the forecast period. In addition, the $ 12 billion Kuwait clean fuel project is expected to be completed by mid-2020, and the $ 16 billion AlZour refinery will be partially operational on September 6, increasing the country's refining capacity.  A total of 16 new units are being built at the Mina AlAhmadi refinery under the CFP, and 14 new units are being built at the Mina Abdullah refinery. On the other hand, the midstream segment is anticipated to expand at a rapid pace during the forecast period owing to the oil and gas midstream sector is an important transitional link between the upstream and downstream links of oil and gas. During the market downturn, investment in this industry is expected to increase, and large companies are projected to perform well and geopolitics is laying pipelines. FPSOs, drilling ships, and other transportation operations support vessels. Investment in this area has also increased, while investment in mining and production has declined.

Kuwait Oil & Gas Market sector

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Oil & Gas Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Oil & Gas Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Oil & Gas Market - Supply Chain
  4.5. Global Oil & Gas Market Forecast
     4.5.1. Oil & Gas Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Oil & Gas Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Oil & Gas Market Absolute $ Opportunity
5. Global Oil & Gas Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Oil & Gas Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Oil & Gas Demand Share Forecast, 2019-2026
6. North America Oil & Gas Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Oil & Gas Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Oil & Gas Demand Share Forecast, 2019-2026
7. Latin America Oil & Gas Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Oil & Gas Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Oil & Gas Demand Share Forecast, 2019-2026
8. Europe Oil & Gas Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Oil & Gas Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Oil & Gas Demand Share Forecast, 2019-2026
9. Asia Pacific Oil & Gas Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Oil & Gas Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Oil & Gas Demand Share Forecast, 2019-2026
10. Middle East & Africa Oil & Gas Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Oil & Gas Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Oil & Gas Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Oil & Gas Market: Market Share Analysis
  11.2. Oil & Gas Distributors and Customers
  11.3. Oil & Gas Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. BP PLC
     11.4.2. Kuwait Petroleum Corporation
     11.4.3. Royal Dutch Shell PLC
     11.4.4. Boubyan Petrochemical Company
     11.4.5. Chevron Corporation

Segments Covered in the Report

The Kuwait oil & gas market has been segmented on the basis of

Sector

  • Upstream
  • Midstream
  • Downstream

Key Players

  • BP PLC
  • Kuwait Petroleum Corporation
  • Royal Dutch Shell PLC
  • Boubyan Petrochemical Company
  • Chevron Corporation

Key players competing in the Kuwait oil & gas market include BP PLC; Kuwait Petroleum Corporation; Royal Dutch Shell PLC; Boubyan Petrochemical Company; and Chevron Corporation
Some of these players are using several market strategies such as collaborations, acquisitions, partnerships, merger, product launches, and capacity expansion to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.

Kuwait Oil & Gas Market keyplayers

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