The GCC countries have combined proven reserves of 497 billion barrels of crude oil, representing approximately 34% of the world's estimated proven crude oil reserves. The IMF has stated that the GCC governments are expected, on average, to save about 33% of oil revenues. Shifting regulatory policies toward energy transition and sustainable energy sources, driven by integrated energy considerations, will enhance the size of the GCC natural gas market. According to industry experts, while oil and gas output growth is expected to slow in 2023, continued investment to boost production capacity in the region should see the sector contribute positively to headline GDP again in 2023. In spite of efforts towards economic diversification by the GCC countries, the oil and gas sector will continue to remain an important and significant part of each of the GCC country’s agenda as it is central to the supply of energy in the coming decades. The GCC oil and gas construction market is expected to fare much better in 2023.
This Ventures Onsite report provides insights into the GCC oil and gas market, construction industry, contractor awards, construction spend and major projects expected in 2023.