Kuwait Oil & Gas Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Kuwait Oil & Gas Market Analysis
The Kuwaiti oil and gas market is expected to register a CAGR of over 3% during the forecast period. Factors, such as increased resilience of ambitious target of achieving crude production to 4 million barrels per day by end of 2020, along with the presence of an estimated 101.5 billion barrels (bbl) of oil reserves as of 2018, are expected to drive the oil and gas market during the forecast period. Moreover, several downstream projects are also underway, which are likely to bolster the market in the coming years. However, the volatile crude oil prices and the government's plan to increase the share of renewables in the energy mix are expected to hinder the growth of the market.
- Kuwait's downstream sector is expected to be the fastest-growing segment, owing to increased investments and upgradation projects in the refinery sector during the forecast period.
- Price reforms by the government and increase in demand for energy efficiency are expected to create several opportunities for the market players in the Kuwaiti oil and gas market.
- Despite the decline in global oil prices, Kuwait signaled continued commitment to its stated production targets and investment program, and it has ambitious oil and gas production targets, which are expected to drive the market during the forecast period.
Kuwait Oil & Gas Market Trends
This section covers the major market trends shaping the Kuwait Oil & Gas Market according to our research experts:
Downstream Sector to be the Fastest Growing Segment
- A major overhaul of Kuwait's downstream sector is underway, following the award of long-delayed contracts for the al-Zour refinery and upgrades at al-Ahmadi and Mina Abdullah, which are expected to drive the downstream sector during the forecast period.
- Moreover, Kuwait's USD 12 billion Clean Fuels Project (CFP) is expected to be completed in mid-2020, and the USD 16 billion worth Al-Zour refinery is set to become partially operational in June, increasing the refining capacity of the country. Kuwait's downstream capacity is expected to reach 1.4 million barrels per day (mbpd) by 2020.
- The CFP will integrate the 270,000 barrel-a-day (b/d) Mina al-Ahmadi and 466,000 b/d Mina Abdullah refineries into a single complex, with new units added to increase total capacity to 800,000 b/d and improve the quality of output. A total of 16 new units are being built at the Mina Al-Ahmadi refinery as part of the CFP, and 14 new units are being built at the Mina Abdullah refinery.
- Therefore, with increased investments of over USD 10 billion in the petrochemical and refinery projects, Kuwait's downstream segment is expected to the fastest growing during the forecast period.
Ambitious Oil and Gas Production Targets to Drive the Market
- Kuwait planned to invest over USD 100 billion between 2018 and 2023 in the oil and gas industry to boost production. These investments are majorly done, in order to increase the crude production capacity from the current levels of crude oil and natural gas production.
- Moreover, for natural gas, Kuwait may increase the production from 200 million billion cubic feet (bcf) per day to several folds by 2025 and beyond.
- As of 2019, nearly all of Kuwait's crude oil production came from onshore fields, but there are now active attempts to expand offshore production capacity. New investments are expected to be done in offshore oil and gas exploration and production in the coming years.
- Moreover, Kuwait has begun chemical injection into a heavy oil field in the north of the country. The enhanced oil recovery (EOR) technique, which improves the mobility of residual oil through the reservoir, is the first of its kind to be applied in the Middle East, and this may attract investments from many oil and gas companies.
- Therefore, the above-mentioned factors are expected to increase the production and drive the market during the forecast period.
Kuwait Oil & Gas Industry Overview
The Kuwaiti oil and gas market is partially fragmented. Some of the key players are Kuwait Petroleum Corporation, Boubyan Petrochemical Company, Royal Dutch Shell PLC, Chevron Corporation, and BP PLC.
Kuwait Oil & Gas Market Leaders
Kuwait Petroleum Corporation
Boubyan Petrochemical Company
Royal Dutch Shell PLC
Chevron Corporation
BP PLC
*Disclaimer: Major Players sorted in no particular order
Kuwait Oil & Gas Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Kuwait's Contribution to Regional and World Oil and Gas Production (2010- 2018)
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4.3 Kuwait Crude Oil Production Forecast in thousand barrels per day, till 2025
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4.4 Kuwait Crude Oil Consumption Forecast in thousand barrels per day, till 2025
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4.5 Recent Trends and Developments
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4.6 Government Policies and Regulations
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4.7 Market Dynamics
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4.7.1 Drivers
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4.7.2 Restraints
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4.8 Supply Chain Analysis
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4.9 PESTLE Analysis
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5. MARKET SEGMENTATION
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5.1 Sector
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5.1.1 Upstream
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5.1.2 Midstream
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5.1.3 Downstream
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
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6.3.1 Boubyan Petrochemical Company
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6.3.2 BP PLC
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6.3.3 Chevron Corporation
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6.3.4 Kuwait Oil Company
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6.3.5 Kuwait Oil Tanker Company
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6.3.6 Kuwait Petroleum Corporation
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6.3.7 Odfjell Drilling Ltd
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6.3.8 Qurain Petrochemical Industries
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6.3.9 Royal Dutch Shell PLC
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6.3.10 Saipem SpA
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6.3.11 Schlumberger Limited
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Kuwait Oil & Gas Industry Segmentation
The Kuwaiti oil and gas market report includes:
| Sector | |
| Upstream | |
| Midstream | |
| Downstream |
Kuwait Oil & Gas Market Research FAQs
What is the current Kuwait Oil and Gas Market size?
The Kuwait Oil and Gas Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Kuwait Oil and Gas Market?
Kuwait Petroleum Corporation, Boubyan Petrochemical Company, Royal Dutch Shell PLC, Chevron Corporation and BP PLC are the major companies operating in the Kuwait Oil and Gas Market.
What years does this Kuwait Oil and Gas Market cover?
The report covers the Kuwait Oil and Gas Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Kuwait Oil and Gas Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Kuwait Oil & Gas Industry Report
Statistics for the 2024 Kuwait Oil & Gas market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Kuwait Oil & Gas analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
