The Oman oil and gas upstream market size is expected to register a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the efforts to rapid growth of the offshore sector and increasing number of upcoming projects.
Oil and gas play an influential role in the global economy and it is one of the major industries in the energy market. This industry is capital-intensive, highly complex, and requires unique technology. Gas is linked with oil owing to its production process.
The upstream oil & gas is generally exploration and extraction of the oil & gas, which involves activities such as producing & recovering and searching for the crude oil & natural gases. Upstream is about locating the presence of oil & gas. It is the process of drilling the location and managing the operations by utilizing tools to get optimum return on investment with safe and small operational carbon footprint. This is most complex business sector with high risk. The results of every well drilled is unpredictable and it carries an additional risk of arising environmental issues. The extraction activities get affected due to seasonal weather while working on exposed locations.
Market Trends, Drivers, Restraints, and Opportunities
- Adoption of latest technologies for reduction of project cycle and increasing number of solutions to increase the accuracy are anticipated to drive the market growth.
- Supportive government policies for the exploration of oil & gas fields is expected to proliferate the growth of the market during the forecast period.
- The outbreak of the Covid-19 outbreak is expected to hamper market growth due to the global economic downturn along with a lack of financing and high capital investment.
- High volatility in oil prices can hamper the growth of market.
- Indeterminate regulatory guidelines can hinder the growth of the market.
- Continuous exploration activities can create the opportunities for the market during the forecast period.
Scope of the Report
The report on the Oman oil and gas upstream market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Oman Oil and Gas Upstream Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Location of Deployments (Onshore and Offshore)
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Country
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Oman
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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TotalEnergies SA; Oman Oil Marketing Company SAOG; Eni SpA; BP Plc; and Royal Dutch Shell
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Oman Oil and Gas Upstream Market Segment Insights
Onshore segment is expected to grow at a rapid pace
On the basis of location of deployments, the market is bifurcated into onshore and offshore. The onshore segment is expected to constitute a key share of the market during the projected period. The onshore oil & gas sector produces majority of oil & gas. Offshore oil and gas exploration and production activities take ample of time to develop and it is nascent in most part of the world. High capital expenditure in the offshore project makes it difficult for low and middle-income countries to invest in the offshore projects. The Government of Oman is deploying strategic policies to increase the rate of exploration and production activities in the country. This, is turn, is anticipated to proliferate the growth of the onshore segment.
Segments
The Oman oil and gas upstream segmented on the basis of:
Location of Deployments
Country
Key Players
- TotalEnergies SA
- Oman Oil Marketing Company SAOG
- Eni SpA
- BP Plc
- Royal Dutch Shell
Competitive Landscape
The key players competing in the Oman oil and gas upstream market are TotalEnergies SA; Oman Oil Marketing Company SAOG; Eni SpA; BP Plc; and Royal Dutch Shell.
In December 2018, Oman ministry of oil and gas signed two exploration contract with Occidental Oman. Contract worth of USD 58 million for paving around 10 offshore drilling well to be build up in country.
Oman Oil Company Exploration and Production is expected to invest USD 12 million into the concession block. Nine drilling well to be build up in two stages over a six year duration.
In April 2019, Oman ministry of oil and gas and TotalEnergies signed an agreement to award exploration contract to France-based Company for covering Block 12 in Central Oman. The Block 12 program include seismic data drilling and recovering commitments, with the first well due in year 2020.
In July 2019, Oman signed agreement with BP Oman and Eni SpA for concession block 77. The arrangement includes seismic investigations and penetrating of investigation wells.
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