United Arab Emirates Oil and Gas Market Research Report Information By Sector (Upstream, Midstream, and Downstream) –and United Arab Emirates Market Forecast Till 2032

United Arab Emirates Oil and Gas Market Overview:

United Arab Emirates Oil and Gas Market Size was valued at USD 9512.2 Billion in 2022. The Oil and Gas market industry is projected to grow from USD 10044.8 Billion in 2023 to USD 15533.03 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2024 - 2032). The expanding downstream industry and significant oil reserves are the main market drivers anticipated to propel the Oil and Gas market in the United Arab Emirates.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

United Arab Emirates Oil and Gas Market Trends

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  Growing investments in the oil and gas sector are driving market growth

  
  

The United Arab Emirates oil and gas market CAGR is growing due to increased exploration and production activities. The oil and gas sector is seeing a considerable increase in investment countrywide. Within the Organization of the Petroleum Exporting Countries (OPEC), the United Arab Emirates ranks fourth in petroleum liquids produced and among the top crude oil producers as of 2022. The United Arab Emirates economy depends heavily on the oil and gas industry, generating much of the nation's income. The substantial infrastructure of the country's oil and gas industry facilitates the export of its hydrocarbons to other countries. Furthermore, the nation has plans to greatly increase investments in the midstream and downstream sectors in the upcoming years as part of its 2030 strategy to create a more profitable petroleum sector. Abu Dhabi National Oil Company (ADNOC) declared its intention to invest about USD 45 billion in the downstream industry as part of its downstream expansion strategy. Nevertheless, a few recent initiatives, like the 220-mile export pipeline that runs from Habshan to Fujairah, might assist the United Arab Emirates in connecting the Gulf of Oman with the fertile western desert. Fujairah, the nation's harbor, is also home to the biggest bunkering port globally. ADNOC LNG - Fujairah LNG Export Terminal, valued at around USD 7.95 billion, is one of the nation's high-value projects. Another is the ADNOC/DUSUP - Jebel Ali Gas Reservoir Project, which is estimated to be worth USD 4.91 billion in 2022.

Furthermore, the upstream segment is anticipated to lead the market throughout the forecast period due to growing national investment in the industry. The Organization of Petroleum Exporting Countries estimates that the United Arab Emirates produced roughly 3,043,000 barrels of oil daily in December 2022. The country's hydrocarbon reserves, primarily Murban-grade crude, increased by two billion stock tank barrels (STB), while its natural gas reserves increased by one trillion standard cubic feet (TSCF). Abu Dhabi is home to almost 96% of the reserves, with Dubai, Sharjah, and Ras al-Khaimah following closely behind. While recent drilling has produced several noteworthy discoveries, most of the onshore and offshore property must be thoroughly examined. Moreover, the Abu Dhabi National Oil Company (ADNOC) announced in May 2022 that it had found 650 million barrels of hydrocarbon reserves offshore in Abu Dhabi. Additionally, the nation intends to increase investments in field development projects and use enhanced oil recovery (EOR) techniques to counter the production from the maturing fields. Accordingly, based on the previously mentioned considerations, the upstream industry is anticipated to control the country's oil and gas market for the projected period. Thus driving the Oil and Gas market revenue.

United Arab Emirates Oil and Gas Market Segment Insights:

Oil and Gas Sector Insights

Based on Sector, the United Arab Emirates Oil and Gas market segmentation includes upstream, midstream, and downstream. The upstream segment mostly dominated the market. World trends in energy use impact the upstream sector's need for gas and oil. Crude oil demand is impacted internationally by industrial activity, economic growth, and transportation needs. The United Arab Emirates government's policies, investment programs, and strategic objectives mostly drive demand for oil and gas in the upstream industry. Increased demand is a result of policies that support exploration and production activities.

The downstream category is anticipated to be the fastest growing. The need for petrochemicals, utilized in various sectors, including building, textiles, and packaging, is predicted to increase globally. With its goal of becoming a significant petrochemical center, the United Arab Emirates has an opportunity here. The downstream industry is moving towards higher-value products that meet particular industrial needs and fetch premium pricing, such as specialty chemicals and lubricants. Demand for certain catalysts and refining technologies will increase due to this trend.

Figure 1: United Arab Emirates Oil and Gas Market, by Sector, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Oil and Gas Country Insights

The Abu Dhabi National Oil Company (ADNOC) announced investment plans in November 2021 that could total up to nearly USD 6 billion (AED 22 billion) to support the expansion of drilling as it increases its capacity to produce 5 million barrels of crude oil per day (mmbpd) by 2030 and promotes the United Arab Emirates (United Arab Emirates) self-sufficiency in gas. In November 2022, ADNOC announced it would invest USD 150 billion over the following five years to support an "accelerated growth strategy" for oil and gas production. Additionally, An EPC contract of USD 946 million was awarded by Abu Dhabi National Oil Company (ADNOC) in January 2022 for the long-term strategic development of the Umm Shaif field. Following a competitive tendering procedure, ADNOC Offshore gave the National Petroleum Construction Company the EPC contract.

United Arab Emirates Oil and Gas Key Market Players & Competitive Insights

The oil and gas market is expected to grow even more due to major players in the industry making significant R&D investments to extend their lines of equipment. Alongside these significant market developments, market participants engage in various strategic actions to broaden their market reach. These activities include introducing new equipment types, contractual agreements, mergers and acquisitions, increased investments, and cooperation with other organizations. The Oil and Gas sector needs to provide affordable products to grow and thrive in a more cutthroat and dynamic market.

Major players in the United Arab Emirates Oil and Gas market are attempting to increase market demand by investing in research and development operations, including Abu Dhabi National Oil Company (ADNOC), Exxon Mobil Corporation, BP PLC, Emirates National Oil Company Group, TotalEnergies SE, Schlumberger Limited, Al Masaood Oil Industry Supplies & Service Co. LLC, Halliburton Company, and Expro Group.

Key Companies in the United Arab Emirates Oil and Gas market include

• Abu Dhabi National Oil Company (ADNOC)


• Exxon Mobil Corporation


• BP PLC


• Emirates National Oil Company Group


• TotalEnergies SE


• Schlumberger Limited


• Al Masaood Oil Industry Supplies & Service Co. LLC


• Halliburton Company


• Expro Group

United Arab Emirates Oil and Gas Industry Developments

• June 2023: Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates has given a new contract to National Petroleum Construction Company PJSC (NPCC), fully owned by National Marine Dredging Company PJSC, United Arab Emirates. The contract is valued at 162.3 million USD. The project involves the procurement, construction, and engineering work necessary to install seven jackers for ADNOC.


• February 2022: The oil and gas corporation of Abu Dhabi, ADNOC, announced that it had found 1.5 to 2 trillion standard cubic feet of gas in a northwest offshore location. The finding was made when Gulf Arab nations still heavily relied on revenue from gas and oil exports.

United Arab Emirates Oil and Gas Market Segmentation:

Oil and Gas Sector Outlook

• Upstream


• Midstream


• Downstream