The Qatar oil & gas market size is projected to expand at a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing oil and gas production and rising demand for export of oil and natural gas worldwide.
Qatar is an economic prosperous country, and this is mainly attributed towards export of oil, petroleum, and natural gas. Country possesses enormous deposits of natural gas, and its offshore north field is one of the largest gas fields in the world. Qatar’s petroleum and natural gas reserves are found both onshore along the western coast at Dhukhan and offshore from the eastern coast. Oil and gas upstream market are critical to the country’s economic growth which has rapidly grown since 1970s.
Qatar’s strategy in the recent years has been focused on developing its natural gas reserves aggressively through joint projects with major internal oil and gas companies, focusing on north field. Natural gas surpassed oil as the largest share of government’s revenue and country’s GDP in the last two decades. Crude petroleum, refined petroleum, and LNG accounts for majority of Qatar’s export globally. New research and studies have found that the north field’s productive layers extend deep into Qatari land in Ras Laffan, this discovery may lead to new projects for natural gas production in the north of Qatar.
The upstream sector includes the searching for potential underground or underwater oil and gas fields, drilling of exploratory wells, and subsequently operating the wells that recover and bring the crude oil and/or raw natural gas to the surface. Upstream market includes companies involved in the exploration and production of oil and gas.
The upstream segment is characterized by high risks, high investment capital, extended duration as it takes time to locate and drill, as well as being technologically intensive. These companies are often known as "E&P" for "exploration and production". Virtually all cash flow and income statement line items of E&P companies are directly related to oil and gas production.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing production of oil and natural gas is projected to drive the market growth during the forecast period.
- Rapid growth of petrochemical industry and increasing joint projects with major international players are major factors boosting the market expansion in the coming years.
- Decreasing consumption of oil is anticipated to hinder the market growth during the forecast period.
- Increasing barriers and rising cost related to extraction, transport and refining are estimated to restrict the market expansion in the coming years.
- Production of natural gas grew by 2.1% to 151.3 million tons of oil equivalent in 2018 from 149 million tons in 2017 coupled with governments aggressive approach towards improving joint projects with international players are projected to create lucrative opportunities.
Scope of the Report
The report on the Qatar 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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Qatar Oil and Gas 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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Deployment (Onshore & Offshore), Applications (Residential, Commercial, Institutions, and Others)
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Geographical Zone
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Qatar
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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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Qatargas Operating Company Limited, Qatar Petroleum, ConocoPhillips Company, Exxon Mobil Corporation, Total S.A.
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Market Segment Insights
Offshore segment is projected to account for a major market share
Based on deployment, the Qatar oil and gas upstream market is bifurcated into onshore and offshore. The offshore segment is expected to account for a key share of the market during the forecast period owing to large natural-gas condensate field located in the Persian Gulf known South Pars and substantial investments being made by major international players. Various new projects are anticipated to be initiated in the forecast period which is expected to drive the market growth in the coming years.
Commercial segment is expected to expand at significant pace
Based on applications, the Qatar oil and gas upstream market is segmented into residential, commercial, institutions, and others. Commercial segment is expected to expand at a significant pace due to increasing demand and rapid growth in information technology (IT) sector. On the other hand, residential segment is projected to grow at a considerable CAGR owing to increasing population and rise of migration to urban areas from rural in the recent years. Petroleum has historically been the largest major energy source for total annual Qatar energy consumption both for commercial, residential, and as well as other segments.
Segments
Segments Covered in the Report
Deployment
Applications
- Residential
- Commercial
- Institutions
- Others
Country
Key Players
- Qatargas Operating Company Limited
- Qatar Petroleum
- ConocoPhillips Company
- Exxon Mobil Corporation
- Total S.A.
Competitive Landscape
Key players competing in Qatar oil and gas upstream market include Qatargas Operating Company Limited, Qatar Petroleum, ConocoPhillips Company, Exxon Mobil Corporation, and Total S.A. Some of these players are adopting several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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