The main sources of fuel for the entire global economy and for a major portion of the energy sector are natural gas and oil. The oil and gas industry differs from other sectors due to the erratic and turbulent upstream market, the distinct operating limitations in the midstream market, and the concentration of operations in the downstream market. Still, there are a number of opportunities available, particularly in the area of sustainability.
Bahrain Oil and Gas Market Driving Factors and Challenges
The two medium-term factors that are expected to drive the Bahrain oil and gas industry throughout the projection period are the demand for petroleum products and the expansion of natural gas pipeline capacity. Businesses are using the gas to liquid technology to create high-quality petroleum products while lowering pollution levels. Natural gas can be converted using gas to liquid technology to create high-end liquid products. The market is expanding due to foreign assistance and investment in the oil and gas sector. Furthermore, the exploration and development of new gas and oil resources is expected to present several opportunities for Bahrain’s oil and gas sector during the course of the projected period.
There are several significant challenges facing Bahrain's oil and gas sector. First of all, there is fierce international competition in this sector, and changes in the price of oil as well as geopolitical unrest may affect profitability. It must search for and develop new oil reserves because the nation's oil production from existing fields is declining. Environmental concerns and the global transition to renewable energy sources have put increasing pressure on the business to implement more sustainable practices and lower its carbon footprint.
Impact of COVID-19 on Bahrain Oil and Gas Market
Bahrain's supply and consumption of gas and oil were impacted by the Covid-19 pandemic. Due to a scarcity of raw materials, widespread lockdowns, and issues with the supply chain, manufacturers were compelled to halt output, which unfortunately hindered the market's growth. During the duration of the projected period, the introduction of vaccinations to combat the COVID-19 pandemic is probably going to help market growth. Oil demand declined on both the domestic and international markets as a result of the Covid-19 pandemic, which had a substantial impact on the oil and gas industry.
Bahrain Oil and Gas Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; AGAS GCC Holding Company, Bahrain Aviation Fueling Company (BAFCO), Bahrain National Gas Company (Banagas), Bahrain Petroleum Company (BAPCO) , Bapco Gas Company, Gulf Petrochemical Industries Company (GPIC), Gulf Sea Petroleum, Nogaholding.
Bahrain Oil and Gas Market Segmentation:
By Type: Based on the Type, Bahrain Oil and Gas Market is segmented as; LNG Terminals, Storage, Transportation.
By Region: This research also includes data for Central Region, Southern Region, Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.