GCC Oil and Gas Industry Overview 2013


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Bharat Book Presents GCC Oil and Gas Industry Overview 2013 . 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 oil, gas, energy, market data, market research reports
    GCC Oil and Gas Industry Overview 2013   Bharat Book Bureau  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 worldhydrocarbons market Accounting for over 40 percent of  the world’s hydrocarbon reserves (40 percent comprises oil, 23 percent natural gas) as of 2012. Thisshare is also likely to grow to 70 percent by the end of the decade according to a study by Kuwait basedDiplomatic Center for Strategic Studies promising alarge growth potential in the closely governmentguarded and highly regulated GCC upstream sector.  Continue…   Recent years have witnessed GCC economies reapingrich dividends from the burgeoning global demand foroil and gas and the high oil prices on the one hand. Onthe other, these economies have been forced to walk atight rope to balance their equally fast growingdomestic demand for the fossil fuels with maintainingenough export surpluses and augmenting capacitiesfrom the fast depleting non-renewable reserves. As thehydrocarbon industry matures, these economies have begun to realize the value of diversification of theireconomies so as to reduce their dependence onhydrocarbons and begun judiciously ploughing back their hydrocarbon surpluses into ambitiousprogrammes of industrialization, diversification andexpansion.  Continue…   While hydrocarbon industry continues to form thebackbone of these economies accounting for more thanthree fourths of their government revenues and over half of their exports, the hydrocarbon industry on its own haswitnessed a subtle shift from core upstream projects intodownstream activities of refining, petrochemicals andstorage 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$470 billion between 2010 and 2015, of which oil and gasaccounted for 47 percent and 36 percent, respectively of the total. Contracts worth US$ 39,405 million wereawarded across the GCC hydrocarbon sector in 2012 of which downstream projects accounted for 82 percent witha large focus on petrochemicals, overtaking the earlier emphasis on refining, reflecting the maturing nature of theindustry and its need for diversification.
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