MEA Offshore Energy Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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MEA Offshore Energy Market Analysis
The Middle East and Africa offshore energy market is expected to register a CAGR of 4% during the forecast period.
The COVID-19 pandemic severely affected the Middle East and Africa offshore energy market as the demand for power decreased from end-users due to persistent lockdowns.
- The offshore oil and gas market is expected to grow rapidly in the region as the economies of many countries are dependent on exporting hydrocarbons. The increased price of natural gas may also drive the market.
- However, the higher initial investment required in the offshore establishment is expected to restrain the growth of the offshore energy market.
- Renewable energy is in its nascent stages of development in the region, where the development of offshore wind energy would provide a significant opportunity beyond the forecast period.
- Saudi Arabia is one of the largest geographical segments, which is expected to dominate the market.
MEA Offshore Energy Market Trends
This section covers the major market trends shaping the MEA Offshore Energy Market according to our research experts:
Offshore Oil and Gas to Dominate the Market
- The Middle East and Africa are among the most important markets globally for offshore oil and gas market, with primary producers such as Saudi Arabia, United Arab Emirates, South Africa, and Nigeria. The countries in the region are dependent on exports of hydrocarbons to support their economy. Hence, offshore exploration and production are expected to increase as hydrocarbon prices increases.
- For instance, in 2022, Abu Dhabi National Oil Company (ADNOC) announced that it plans to ramp up its oil production capacity from 5 million barrels per day in 2025, ahead of its previous 2030 target. These plans are expected to lead to offshore expansion, and some critical projects are Upper Zakum, Lower Zakum, Umm Shaif, and Belbazem wells.
- Similarly, there are 500 fields in the Niger Delta. Over 55% of these are onshore, while the remaining are in shallow waters (less than 500 meters). Of these fields, 193 are producing, while 23 have either been closed or abandoned, and more than 5284 wells have been drilled as of 2021.
- Due to the increase in the price of natural gas, European countries are looking for an alternative supplier for natural gas, which aids the Middle East and African offshore oil and gas upstream market.
- In 2021, crude oil production in the Middle East and Africa was recorded at 28.16 million barrels per day compared to 2020, which was 27.61 million barrels per day. As crude oil production is increased, the demand for natural also increases.
- Overall, the increasing natural gas demand and price globally are expected to aid the offshore energy market in the Middle East and Africa.
Saudi Arabia to Dominate the Geographical Segment
- Saudi Arabia is the second largest crude oil producer globally. According to the BP Statistical Review of World Energy 2022, Saudi crude oil production in 2021 was about 10.95 million barrels per day, the highest in the region.
- Saudi Arabia has the world's fifth-largest estimated shale gas reserve. Thus, it has great potential to replicate the development growth in unconventional reserves of North America. In December 2022, Saudi Arabia and Kuwait agreed to develop Durra offshore gas field. It is expected to produce 1 billion cubic feet per day of gas and 84,000 barrels per day of condensate.
- Such developments are expected to serve the country's Vision 2030 program to diversify the economy from crude oil and sharply reduce the carbon footprint in Saudi Arabia. Moreover, the country's development would support the nation in increasing its crude oil export by depending more on domestic natural gas consumption. However, Vision 2030 would also restrain the market from growing during the forecast period, as the program has also prioritized the adoption of renewable energy.
- In March 2022, with soaring crude oil prices and doubling profit in 2021, the country's state oil company, Saudi Aramco, planned to increase its investment by around 50% in 2022. It is estimated that the company invested nearly USD 40-50 billion in 2022, and it is anticipated to continue its growth until mid-2030. With such investment plans, the company is projected to increase its crude oil production capacity to 13 million barrels per day by 2027. It wants to increase natural gas production by more than 50% by 2030.
- Overall, the country's dependence on hydrocarbon production and support of the economy are expected to aid the offshore energy market in the country.
MEA Offshore Energy Industry Overview
The offshore energy market in the Middle East and Africa is partially fragmented. Some of the key players in the market (not in any particular order) include Abu Dhabi National Oil Company, Saudi Aramco, Chevron Corporation, Nigerian National Petroleum Company Limited, and General Electric.
MEA Offshore Energy Market Leaders
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Abu Dhabi National Oil Company
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Saudi Aramco
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Chevron Corporation,
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Nigerian National Petroleum Company Limited
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General Electric
*Disclaimer: Major Players sorted in no particular order
MEA Offshore Energy Market News
- 2022: Nigerian National Petroleum Company was seen trying to bring in new investments into the oil and gas sector by tapping into Nigeria's deepwater hydrocarbon potential for six offshore license projects.
- 2021: the Upper Zakum Offshore field was under expansion to produce 1 million barrels per day by 2024. The capacity expansion is done by drilling additional wells using extended-reach drilling and maximum reservoir contact well technologies.
MEA Offshore Energy Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD million, till 2027
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Market Drivers
- 4.5.2 Market Restraints
- 4.6 Supply Chain Analysis
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4.7 Industry Attractiveness - Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitute Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Wind
- 5.1.2 Oil and Gas
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5.2 By Geography
- 5.2.1 Saudi Arabia
- 5.2.2 United Arab Emirates
- 5.2.3 South Africa
- 5.2.4 Nigeria
- 5.2.5 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
- 6.2 Strategies Adopted by Key Players
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6.3 Company Profiles
- 6.3.1 Abu Dhabi National Oil Company
- 6.3.2 Saudi Aramco
- 6.3.3 Chevron Corporation
- 6.3.4 Nigerian National Petroleum Company Limited,
- 6.3.5 General Electric
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityMEA Offshore Energy Industry Segmentation
Offshore energy includes the production of electricity or the recovery of hydrocarbons in bodies of water.
The market is segmented based on type and geography. By type, the market is segmented into wind, oil, and gas. The market sizing and forecast for each segment are calculated in USD billion.
| By Type | Wind |
| Oil and Gas | |
| By Geography | Saudi Arabia |
| United Arab Emirates | |
| South Africa | |
| Nigeria | |
| Rest of Middle East and Africa |
MEA Offshore Energy Market Research FAQs
What is the current Middle East and Africa Offshore Energy Market size?
The Middle East and Africa Offshore Energy Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Middle East and Africa Offshore Energy Market?
Abu Dhabi National Oil Company, Saudi Aramco, Chevron Corporation,, Nigerian National Petroleum Company Limited and General Electric are the major companies operating in the Middle East and Africa Offshore Energy Market.
What years does this Middle East and Africa Offshore Energy Market cover?
The report covers the Middle East and Africa Offshore Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Middle East and Africa Offshore Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Middle East and Africa Offshore Energy Industry Report
Statistics for the 2024 Middle East and Africa Offshore Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Middle East and Africa Offshore Energy analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
