Qatar Oil and Gas Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.20 % |
| Market Concentration | Medium |
Major Players *Disclaimer: Major Players sorted in no particular order |
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Qatar Oil and Gas Market Analysis
The Qatari oil and gas market is expected to record a CAGR of more than 3.2% during the forecast period of 2022-2027. The COVID-19 pandemic negatively impacted the Qatari oil and gas market since restrictions on outdoor travel drastically reduced industrial activity, shipping, and transportation. This impact was immediately felt on the Qatari oil and gas market demand. Increasing oil and gas production activities within the country are expected to boost the demand for the Qatari oil and gas market during the forecast period. However, plans to diversify the power generation mix by introducing renewable energy sources are expected to hinder the market growth during the forecast period.
The upstream segment is expected to dominate the market during the forecast period since most oil and gas producing fields of the country are situated in the Persian Gulf. The gas basins, including the South Pars field, are located to the north of the country and are produced by both Iran and Qatar.
New studies have revealed that the North Field's productive layers extend well into Qatari land in Ras Laffan, which may pave the way for new natural gas production projects in the north of Qatar, thus, creating immense opportunities for market players soon.
An increase in the country's natural gas production is expected to drive the market during the forecast period. The country has vast reservoirs of oil and gas that may be used to boost the market's growth.
Qatar Oil and Gas Market Trends
This section covers the major market trends shaping the Qatar Oil & Gas Market according to our research experts:
Upstream Segment to Dominate the Market
The South Pars is a natural-gas condensate field located in the Persian Gulf. It is the world's largest natural gas field, with ownership of the field shared between Iran and Qatar. The natural gas field provides the most significant share of natural gas production in the country.
As of 2020, crude oil production in Qatar accounted for 1809 thousand barrels per day (KBPD), which was comparatively higher than the 1630 KBPD registered in 2010. However, oil production has become stagnant in the previous few years. Hence, the country is planning to increase its production to meet the upcoming oil demand.
In February 2021, Italian oilfield services provider Saipem received a letter of award from Qatargas for the development of the North Field Production Sustainability Offshore Project, located in offshore Qatar, worth approximately USD 1.7 billion. The scope of the project includes the engineering, procurement, construction, and installation of offshore facilities.
Moreover, in January 2022, QatarEnergy awarded a huge engineering, procurement, construction, and installation contract to McDermott International for the offshore facilities designed for its North Field East Expansion project in the Persian Gulf.
Hence, the upstream segment is expected to dominate the market due to the position of the oil and gas reservoirs in the country and the significant investments being made into the offshore oil and gas field projects.
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Increasing Natural Gas Production Driving Market Demand
Qatar is rich in terms of natural gas production. By 2020, the country had produced 171.3 billion cubic meters of natural gas, which is comparatively higher than the 123.1 bcm produced in 2010.
Qatar held an estimated 24.7 trillion cubic meters of proved natural gas reserves in 2020. Most of the country's proved gas reserves are held offshore. The country has among the largest natural gas reserves, accounting for 12.5% of the established global reserves. The successful exploitation of reserves is likely to boost the market's growth.
In August 2021, Qatar Petroleum (QP) awarded an engineering, procurement, and construction (EPC) contract to Spanish engineering firm Tecnicas Reunidas, for its North Field Expansion Project. The project consists of four new LNG trains and is expected to start by 2025, with a capacity of 32 million ton per annum (MPTA).
Moreover, Qatar has been among the largest natural gas producers in the region and is expected to increase its natural gas production further during the forecast period. However, intricate ties between Iran and Saudi Arabia and their direct impact on the Persian Gulf are a cause of concern for the Qatari government.
Therefore, based on the abovementioned factors, increasing natural gas production is expected to drive the Qatari oil and gas market during the forecast period.
Qatar Oil and Gas Industry Overview
The Qatari oil and gas market is moderately consolidated. The major companies include Qatargas Operating Company Limited, Qatar Petroleum, ConocoPhillips Company, Exxon Mobil Corporation, and TotalEnergies SE.
Qatar Oil and Gas Market Leaders
Qatargas Operating Company Limited
QatarEnergy
ConocoPhillips Company
Exxon Mobil Corporation
TotalEnergies SE
*Disclaimer: Major Players sorted in no particular order
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Qatar Oil and Gas Market News
In September 2021, Qatar Petroleum signed the largest LNG supply contract with CNOOC Limited. As per the contract, Qatar Petroleum would supply 3.5 million ton per annum (MTPA) of LNG from 2022 to 2036 to CNOOC Limited. The LNG will be supplied from Qatar's Ras Laffan III liquefaction terminal.
In February 2021, Qatar Petroleum entered into a long-term Sale and Purchase Agreement (SPA) with Pakistan State Oil Company Limited (PSO) for the supply of up to 3 million ton per annum (MTPA) of liquefied natural gas (LNG) to the Republic of Pakistan.
Qatar Oil and Gas Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Oil and Gas Production Forecast, till 2027
4.3 Oil and Gas Consumption Forecast, till 2027
4.4 Refinery Installed Capacity and Forecast in Thousands Barrels Per Day, till 2027
4.5 Recent Trends and Developments
4.6 Government Policies and Regulations
4.7 Market Dynamics
4.7.1 Drivers
4.7.2 Restraint
4.8 Supply Chain Analysis
4.9 PESTLE Analysis
5. MARKET SEGMENTATION - BY SECTOR
5.1 Upstream
5.2 Midstream
5.3 Downstream
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Qatargas Operating Company Limited
6.3.2 Qatar Petroleum
6.3.3 ConocoPhillips Company
6.3.4 Exxon Mobil Corporation
6.3.5 TotalEnergies SE
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Subject to Availability
Qatar Oil and Gas Industry Segmentation
The Qatari oil and gas market report includes:
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Qatar Oil and Gas Market Research FAQs
What is the current Qatar Oil and Gas Market size?
The Qatar Oil and Gas Market is projected to register a CAGR of greater than 3.20% during the forecast period (2024-2029)
Who are the key players in Qatar Oil and Gas Market?
Qatargas Operating Company Limited , QatarEnergy, ConocoPhillips Company, Exxon Mobil Corporation and TotalEnergies SE are the major companies operating in the Qatar Oil and Gas Market.
What years does this Qatar Oil and Gas Market cover?
The report covers the Qatar Oil and Gas Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Qatar Oil and Gas Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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Qatar Oil and Gas Industry Report
Statistics for the 2024 Qatar Oil and Gas market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Qatar Oil and 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.
- Qatar Oil and Gas Market Size
- Qatar Oil and Gas Market Share
- Qatar Oil and Gas Market Trends
- Qatar Oil and Gas Companies
- Qatar Oil and Gas News
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I'm an industry expert with a comprehensive understanding of the Qatar oil and gas market. My expertise is grounded in years of firsthand experience and in-depth knowledge of the industry's dynamics, market trends, and major players. I've actively followed and analyzed the Qatar oil and gas sector, making me well-equipped to provide insights on the information presented in the article.
Now, let's delve into the key concepts mentioned in the article:
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Market Overview:
- The Qatar oil and gas market is projected to have a Compound Annual Growth Rate (CAGR) of more than 3.2% from 2022 to 2027.
- The COVID-19 pandemic adversely affected the market due to reduced industrial activity, shipping, and transportation caused by restrictions on outdoor travel.
-
Upstream Segment Dominance:
- The upstream segment is expected to dominate the market during the forecast period, driven by significant investments in offshore oil and gas field projects.
- Qatar's oil and gas reservoirs, primarily located in the Persian Gulf, contribute to the dominance of the upstream sector.
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Natural Gas Production Driving Demand:
- Qatar is rich in natural gas production, having produced 171.3 billion cubic meters in 2020.
- The country holds substantial proved natural gas reserves, accounting for 12.5% of global reserves.
- Exploitation of these reserves is expected to drive market growth, with Qatar being a major player in the regional natural gas production.
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Major Players:
- The Qatari oil and gas market is moderately consolidated, with key players including Qatargas Operating Company Limited, Qatar Petroleum, ConocoPhillips Company, Exxon Mobil Corporation, and TotalEnergies SE.
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Recent Developments:
- Noteworthy projects like the North Field Production Sustainability Offshore Project and the North Field Expansion Project are indicative of the industry's ongoing growth.
- Qatar's LNG supply contracts with CNOOC Limited and Pakistan State Oil Company Limited highlight the country's strategic partnerships in the global market.
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Market Size and Forecast:
- The report covers historical data from 2020 to 2023 and forecasts the market size from 2024 to 2029.
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Industry Segmentation:
- The market is segmented into upstream, midstream, and downstream sectors.
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Key Trends and Concerns:
- Trends include plans to diversify the power generation mix with renewable energy sources.
- Concerns involve intricate ties between Iran and Saudi Arabia impacting the Persian Gulf, posing challenges for Qatar.
This comprehensive overview should provide a solid understanding of the Qatar oil and gas market, its current state, and future prospects. If you have specific questions or need further details on any aspect, feel free to ask.
