Market Size of Oman Oil And Gas Downstream Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oman Oil and Gas Market Analysis
The Omani oil and gas downstream market is expected to register a CAGR of more than 4% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market now reached pre-pandemic levels.
- Over the medium term, the oil refining capacity in the country is expected to increase considerably as new projects are in the pipeline. Therefore, the increasing number of new refineries is expected to boost the Omani oil and gas downstream market during the forecast period.
- On the other hand, the growing share of fuel-efficient vehicles and increasing penetration of electric vehicles in Oman are expected to hinder the market's growth during the forecast period.
- Nevertheless, several new oil and gas fields are discovered in the Arabian Sea and the Gulf of Oman, and several prospective assets are being explored in the region. Rising investments in the exploration and development of offshore fields are expected to provide a long-term boost to natural gas and crude oil production. It is expected to provide a substantial feedstock supply for Omani refineries and petrochemical plants. During the forecast period, it is expected to be a significant opportunity for the Omani oil and gas downstream market.
Oman Oil and Gas Industry Segmentation
The Oil and gas downstream market consists of all the assets beyond the midstream or transport segment of the hydrocarbon value chain. It is focused on processing raw hydrocarbon feedstock such as crude oil and natural gas to produce refined and specialty products through various industrial processes.
Process Type segments the Oman Oil and Gas Downstream market. By process type, the market is segmented into refinery and petrochemical Plants. The market sizing and forecasts are based on refining capacity (value in thousand barrels/day) for the refining segment.
Oman Oil And Gas Downstream Market Size Summary
The oil and gas market in Oman is poised for growth, driven by significant investments and strategic developments in the downstream sector. The market, which experienced setbacks due to the COVID-19 pandemic, has rebounded to pre-pandemic levels and is expected to continue expanding. The country's oil refining capacity is set to increase substantially with the introduction of new refineries, such as the Duqm Refinery, which is nearing completion. This expansion is anticipated to enhance the supply of feedstock for Omani refineries and petrochemical plants, thereby bolstering the downstream market. However, the growing adoption of fuel-efficient and electric vehicles may pose challenges to the market's growth trajectory.
Oman's oil and gas sector remains a cornerstone of its economy, with the government actively supporting the industry through substantial budget allocations. The sector's recovery from the 2020 oil price crash is further supported by new discoveries and exploration activities in the Arabian Sea and the Gulf of Oman. These efforts are expected to sustain crude oil and natural gas production, providing a reliable supply for the downstream industry. The establishment of joint ventures and partnerships, such as those with Kuwait Petroleum International and Saudi Basic Industries Corporation, underscores the strategic importance of the sector. As a result, the oil and gas downstream market in Oman is anticipated to experience moderate consolidation, with key players like Shell PLC, Petroleum Development Oman LLC, and OQ8 playing pivotal roles in shaping the market landscape.
Oman Oil And Gas Downstream Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Refining Capacity and Forecast in thousand barrels per day, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraint
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1.6 Supply Chain Analysis
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1.7 PESTLE ANALYSIS
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2. MARKET SEGMENTATION - BY PROCESS TYPE
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2.1 Refineries
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2.2 Petrochemicals Plants
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Oman Oil And Gas Downstream Market Size FAQs
What is the current Oman Oil And Gas Downstream Market size?
The Oman Oil And Gas Downstream Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Oman Oil And Gas Downstream Market?
Oman Oil Marketing Company SAOG, TotalEnergies SE, OQ8, Shell PLC and Petroleum Development Oman LLC are the major companies operating in the Oman Oil And Gas Downstream Market.
