DUBLIN--(BUSINESS WIRE)--The "Oil Industry in GCC Region Market Research Report" report has been added to ResearchAndMarkets.com's offering.
Crude oil is one of the most sought-after commodities in the world today. Its wide array of uses ranges from energy generation to its application as a feedstock for transportation fuels and petrochemical products such as plastics, solvents, and adhesives. Hence the oil industry is one of the most powerful branches of the world economy and changes in benchmark oil prices have great implications for most manufacturing sectors and consumers.
GCC countries have combined proven reserves of 497 billion barrels of crude oil, representing approximately 34% of the world's estimated proven crude oil reserves.
While state-owned enterprises produce much of the oil, many international oil companies engage in oil production and related activities in the Middle East through joint ventures, production-sharing agreements, and other business models.
In 2019, the Middle East produced around 30.3 million barrels of oil daily. The volume of oil production includes crude oil, shale oil, oil sands and NGLs (the liquid content of natural gas, where this is recovered separately). It excludes liquid fuels from other sources such as biomass and coal derivatives.
In 2019, the Gulf Petrochemicals and Chemicals Association (GPCA), the voice of the chemical industry in the Arabian Gulf, highlighted the growth and success of the chemical industry in the Gulf Region outlined that the GCC chemical industry achieved revenue of $84.1 billion USD in 2018, with production capacity reaching 174.8 million tons, signaling an increase of 2.8% in terms of contribution to the regional GDP. Due to the increased demand for chemicals by the GCC producers across the globe, the production capacity of the GCC chemical industry was also added by 13.3 million tons in 2018.
Based on Region, Abu Dhabi & Al Ain and Sharjah & Northern Emirates capture the majority share in the UAE Oilfield Chemicals market. The surging crude oil production in the region, extensive investment toward oil & gas development projects and growing alliances between countries to promote oil exploration are anticipated to actively contribute toward the growth of the Oilfield Chemicals market in the coming years. Oilfield chemicals are used in drilling and exploration of gas and oil to make these operations better by improving the efficiency and productivity of the oil drilling process. In 2019, UAE exported around $8.69 billion USD and imported $15.61 billion USD chemicals.
SNOC is Sharjah's most reliable energy provider and one of the leading natural gas, condensate and LPG producers in the UAE. The company has three gas condensate fields, a large gas processing plant at Aajaa that connected and delivers gas to the Northern Emirates for the past 35 years, as well two export terminals located at Hamriyah.
Whether as a fuel or a feedstock:
oil is an integral part of your daily life. People use crude oil and petrochemicals for many different purposes. Crude oil is a base component of vehicles, construction, clothing and accessories, transportation fuels, household products, furniture, beauty and medical products, sport equipment, electronics, toys, office products and agriculture.
97% of oil and gas companies around the world have defined their digital investment programs and the business value they will generate by 2025. With advancements in industry 4.0 innovations, the oil & gas (O&G) industry trends are set to transform the industry in terms of efficiency, safety, and smart solutions.
Key Topics Covered:
1. Executive Summary
2. Market Overview
3. Crude Oil Market Analysis in Gulf Region
4. Market Size
5. Market Growth
6. Market Trends
7. Chemicals for the Oil Industry
8. Market Size
9. Market Growth
10. Sharjah National Oil Cooperation (SNOC)
11. Sharjah Licence Round
12. Vendor Registration to SNOC
13. Buy Oil from Saudi Arabia
14. Saudi Aramco
15. Become a Customer of Saudi Aramco
16. Customer Analysis
17. Crude Oil as A Base Component of Products
18. Crude Oil and Petrochemicals in Transportation Fuels
19. Crude Oil and Petrochemicals in Plastics
20. Competitive Analysis
21. Dar Al Amal Diesel Trading LLC
22. Trescorp Alliance Pte LTD
23. Alchemist Energy Trading
24. Panorama Oil Products Trading LLC
25. Innova Refining & Trading
Companies Mentioned
- Dar Al Amal Diesel Trading LLC
- Trescorp Alliance Pte LTD
- Alchemist Energy Trading
- Panorama Oil Products Trading LLC
- Innova Refining & Trading
For more information about this report visit https://www.researchandmarkets.com/r/tfwrjd
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