GCC Oil and Gas Industry Overview 2013

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GCC Oil and Gas Industry Overview 2013

• Bharat Book Bureau

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Summary

• Economies in the Gulf Cooperation Council
  (GCC) namely, Saudi Arabia, United Arab Emirates
  (UAE), Qatar, Kuwait, Bahrain and Oman, after
  decades of growth following the first discovery
  of oil in the sixties, have come a long way to
  dominate the world hydrocarbons market Accounting
  for over 40 percent of the worlds hydrocarbon
  reserves (40 percent comprises oil, 23 percent
  natural gas) as of 2012. This share is also
  likely to grow to 70 percent by the end of the
  decade according to a study by Kuwait based
  Diplomatic Center for Strategic Studies promising
  a large growth potential in the closely
  government guarded and highly regulated GCC
  upstream sector. 

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• Recent years have witnessed GCC economies
  reaping rich dividends from the burgeoning global
  demand for oil and gas and the high oil prices on
  the one hand. On the other, these economies have
  been forced to walk a tight rope to balance their
  equally fast growing domestic demand for the
  fossil fuels with maintaining enough export
  surpluses and augmenting capacities from the fast
  depleting non-renewable reserves. As the
  hydrocarbon industry matures, these economies
  have begun to realize the value of
  diversification of their economies so as to
  reduce their dependence on hydrocarbons and begun
  judiciously ploughing back their hydrocarbon
  surpluses into ambitious programmes of
  industrialization, diversification and
  expansion. 

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• While hydrocarbon industry continues to form
  the backbone of these economies accounting for
  more than three fourths of their government
  revenues and over half of their exports, the
  hydrocarbon industry on its own has witnessed a
  subtle shift from core upstream projects into
  downstream activities of refining, petrochemicals
  and storage tanks, each vying with the other to
  enhance their refining capacities to exploit this
  trend to the maximum. Investments in the energy
  sector across the GCC total US 470 billion
  between 2010 and 2015, of which oil and gas
  accounted for 47 percent and 36 percent,
  respectively of the total. Contracts worth US
  39,405 million were awarded across the GCC
  hydrocarbon sector in 2012 of which downstream
  projects accounted for 82 percent with a large
  focus on petrochemicals, overtaking the earlier
  emphasis on refining, reflecting the maturing
  nature of the industry and its need for
  diversification.

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• The GCC petrochemicals sector has witnessed
  promising growth with a Compound Annual Growth
  Rate (CAGR) of 26 percent between 2007 and 2011
  despite financial instabilities across the region
  and among its trading partners and continues to
  demonstrate strong potential in spite of the
  worsening global economic conditions, especially
  its key trading partner Europe with its financial
  woes and other prime markets. The challenges
  likely to be faced by the industry in the
  prevailing economic climate are manifold,
  including external financing, retaining economic
  growth while reducing vulnerabilities to external
  shocks. This report examines the nature of the
  GCC hydrocarbon industry, its regulatory
  structure and its growth trajectory, the
  developments across its upstream and downstream
  sectors including top projects and contracts
  awarded with forecasts up to 2014 and concludes
  with a comparative analysis of economic growth
  versus hydrocarbon growth across the GCC
  countries in 2012 and its absolute performance
  over a period of time. 

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Table Of Contents

• Executive Summary Chapter1. GCC Oil and Gas
  Industry Overview Hydrocarbons Production,
  Consumption and Exportable Surplus How
  Hydrocarbon Markets are Organized in the GCC
  Countries Bahrain Kuwait Oman Qatar Saudi
  Arabia United Arab Emirates (UAE) The Life
  Cycle and Future Direction of the GCC Hydrocarbon
  Regulatory Framework Chapter2. Oil Prices, GCC
  Output and Surpluses Chapter3. GCC Hydrocarbon
  Sector Market Size and Forecasts- 2013 GCC Oil
  and Gas Market Construction Projects Awarded for
  the GCC for the Oil and Gas Sector (US Million),
  2011-2014 

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