Market Size of Kuwait Oil and Gas Upstream Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Kuwait Oil and Gas Upstream Market Analysis
Kuwait Oil and Gas Upstream Market is expected to grow at a CAGR of more than 3.5% during the forecast period. Sustained growth in the consumption of natural gas, petroleum, petrochemical products and developments of oil and gas exploration and production activities are the major drivers for the oil and gas upstream sector in Kuwait. However, volatile oil prices and government policies are expected to hinder the market growth during the forecast period.
- Most of Kuwait's production is from the onshore oilfields, due to which the onshore oil and gas segment is likely to dominate the market during the forecast period.
- The innovation of new technologies allows unconventional drilling that enhances oil & gas production. New business models and services are rapidly evolving and assisting to reduce the cost of operations in upstream oil & gas, which in turn promoting the market growth is expected to provide opportunities in the market in coming years.
Kuwait Oil and Gas Upstream Industry Segmentation
Kuwait oil and gas upstream market report include:
| Location | |
| Onshore | |
| offshore |
Kuwait Oil and Gas Upstream Market Size Summary
The Kuwait oil and gas upstream market is poised for growth, driven by the increasing consumption of natural gas, petroleum, and petrochemical products, alongside advancements in exploration and production activities. Despite challenges such as volatile oil prices and regulatory constraints, the sector is expected to expand steadily. The onshore oilfields dominate Kuwait's production landscape, with technological innovations in unconventional drilling methods enhancing production capabilities. These developments, coupled with new business models aimed at reducing operational costs, are anticipated to foster market growth and create future opportunities.
As a significant member of OPEC, Kuwait is a leading producer and exporter of crude oil, with its economy heavily reliant on petroleum revenues. The country's infrastructure and economic growth are closely tied to its oil and gas sector, prompting plans to increase crude oil production capacity. The demand for drilling services and equipment is expected to rise as Kuwait focuses on developing heavy oil fields and offshore resources. Additionally, efforts to explore non-associated natural gas fields are underway to bolster the electricity sector. The market is characterized by partial fragmentation, with key players including Kuwait Petroleum Corporation, Kuwait Energy PLC, and international companies like Schlumberger Limited and Baker Hughes Co.
Kuwait Oil and Gas Upstream Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Market Size and Demand Forecast in USD billion, till 2025
-
1.3 Oil production and Consumption Forecast till 2025
-
1.4 Gas Production and Consumption Forecast till 2025
-
1.5 Recent Trends and Developments
-
1.6 Government Policies and Regulations
-
1.7 Market Dynamics
-
1.7.1 Drivers
-
1.7.2 Restraints
-
-
1.8 Supply Chain Analysis
-
1.9 PESTLE Analysis
-
-
2. MARKET SEGMENTATION
-
2.1 Location
-
2.1.1 Onshore
-
2.1.2 offshore
-
-
Kuwait Oil and Gas Upstream Market Size FAQs
What is the current Kuwait Oil and Gas Upstream Market size?
The Kuwait Oil and Gas Upstream Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Kuwait Oil and Gas Upstream Market?
Kuwait Petroleum Corporation , Kuwait Energy PLC, Schlumberger Limited. , Baker Hughes Co. and Saudi Arabian Oil Co are the major companies operating in the Kuwait Oil and Gas Upstream Market.
