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 |
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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.