The Middle East is the land of Sand and Sheikhs. It is home to some of the most magnificent skyscrapers around the globe. However, the thing that lures the rest of the world to this region is the massive amount of crude oil buried hundreds of feet beneath the earth’s crust. From an oil and gas industry perspective, the Middle East is a pool of oil-rich countries which includes Iran, Iraq, Syria, Kuwait, Saudi Arabia, Bahrain, Qatar, United Arab Emirates (UAE), Oman, and Yemen. Despite their combined land possession adding up to only 3.4% of the Earth’s land surface, they own 48% of the world’s known oil reserves and 38% of natural gas reserves (according to BP’s 2012 Statistical Review of World Energy). Subsequently, the oil and gas industry in the region is colossal. Saudi Aramco, ADNOC, Qatar Gas, Kuwait Oil Company, National Iranian Oil Company are just some of the big names that reign not just the Middle East oil and gas industry, but also that of the world. Needless to say, the Middle East marketplace has made it easier for manufacturers and suppliers to carry out business activities in the region.
In this article, we are looking at some of the leading online marketplaces and equipment manufacturers/suppliers for the Middle East oil and gas industry.
SAP Ariba Network
Gulf Oil & Gas is a long-standing Middle East marketplace for the manufacturers and suppliers in the oil and gas industry. The platform provides access to the oil, gas, and unconventional resources markets. GOG’s full-focus on different segments across upstream, midstream and downstream activities allows buyers to explore a wide range of products and services. The platform offers online stores to display products and services in a professional, simple, and accessible way. Apart from the marketplace framework, Gulf Oil & Gas also provides an oil and gas directory covering products, services, and technology categories.
The coronavirus pandemic and the subsequent downturn has pushed the oil and gas companies to alter their priorities and ensure that they keep their heads above the water in these times. Expenditures are now limited to conserve cash and focus has shifted to options that are reliable yet cost-effective. It becomes even more important from a Middle East point of view, considering the magnitude at which oil and gas-related activities are carried out in the region. The quick and regular supply is also an important aspect in that regard. Therefore, the Middle East marketplace is an attractive avenue for oil industry equipment manufacturers and suppliers.
Let’s look at some of the manufacturers and suppliers that are enabling such a reliable and cost-effective operational framework across the Middle East marketplace:
All being said, the Middle East marketplace continues to grow tremendously even during this period of downturn, especially the oilfield services market. Forecasters are predicting a compound annual growth of over 3.5% for the Middle East oilfield services industry during 2020 – 2025. However, this growth could seriously get dampened by the prevalent geopolitical tension and civil unrest in the region. Nonetheless, it’d be interesting to witness the growth of the Middle East marketplace in the coming years.
(The views and opinions expressed in this article do not necessarily reflect the views of Energy Dais.)
There are a number of issues that must be considered when developing a solar power…
Could Solar Be the Largest Source of Energy by 2050? Recent studies indicate the answer…
Before you decide to purchase an electric vehicle, you should consider its cost. It may…
The price of oil and gas has spiked in recent weeks and is currently at…
Renewable energies are available in a wide range of forms. The traditional sources of energy…
One of the biggest challenges of working from home is setting boundaries. When working from…