Oil and gas are hydrocarbon resources that are crucial to modern living. Crude oil, which was formed from old living matter subjected to geological processes, serves as the foundation for numerous petroleum products, including petrochemicals required for the production of polymers and chemicals, as well as transportation fuels like gasoline and diesel. However, natural gas, which is mostly composed of the gas methane, offers a cleaner burning option and is often used for commercial operations, the generation of power, and space heating.
Malaysia Oil and Gas Market Driving Factors and Challenges
The need for natural gas is growing in Malaysia and the region around it. As a result of most countries' aim to reduce their carbon emissions in order to improve the environment's air quality, natural gas consumption has surged across a variety of end-user categories. Malaysia has seen a steady rise in the sales of produced, refined petroleum products over the past few years. The increase in refined petroleum products is mostly attributable to the growing demand for LPG as a home cooking fuel and especially as a transportation fuel.
The Malaysian oil and gas industry, however, faces various significant challenges. First off, the industry is very competitive on a global basis, and oil price fluctuations and geopolitical upheaval have an effect on profitability. Due to the country's declining oil production from existing locations, investments must be made in the exploration and development of new reserves. Additionally, environmental concerns and the worldwide shift to cleaner energy sources have put pressure on the organization to adopt more sustainable practices and reduce its carbon impact.
Impact of COVID-19 on Malaysia Oil and Gas Market
The COVID-19 outbreak had a huge effect on the Malaysian oil and gas market. As lockdowns and travel restrictions were implemented to halt the virus's spread, Malaysia, like many other countries, observed a sharp fall in the demand for petroleum products. As a result, there was a sharp decline in oil prices, which affected the profitability of the nation's oil and gas companies. Disruptions in global supply networks and a drop in economic activity, which led to lower energy demand, further complicated the market.
Malaysia 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; BP Plc, Shell Plc, Petronas Gas Bhd, Chevron Corporation, ExxonMobil Corporation, Malaysiaian General Petroleum Corporation, Altus Oil & Gas Malaysia Sdn. Bhd., Petro-Excel Sdn Bhd (PESB), Petro Teguh (M) Sdn. Bhd., and Malaysiaian Natural Gas Holding Company, Others.
Malaysia Oil and Gas Market Segmentation:
By Type: Based on the Mode of Type, Malaysia Oil and Gas Market is segmented as; Transportation, Storage, LNG Terminals.
By Region: This research also includes data for Northern Region, Eastern Region, Western Region, Southern 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.