United Arab Emirates Oil and Gas Upstream Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The UAE oil and gas market is expected to register a CAGR of more than 3.6% during the forecast period of 2022-2027. The COVID-19 pandemic has negatively impacted the UAE oil and gas upstream market, since the nation cut down the oil production in 2020 due to low crude prices and low demand for petroleum products. Factors such as increasing natural gas production and plans to improve oil production are expected to increase the growth of the market during the forecast period. However, the plans to diversify the power generation mix by introducing renewable energy sources are expected to hinder the growth of the UAE oil and gas upstream market.
Key HighlightsThe UAE oil and gas upstream market is moderately fragmented. The key players in the market include Abu Dhabi National Oil Company (ADNOC), Exxon Mobil Corporation, BP PLC, Emirates National Oil Company Group, and TotalEnergies SE.
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