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.
