Recovering prices, strong demand from the transportation industry and modern developments of oil and gas exploration and production activities are some of the factors driving Brunei oil and gas market growth.
Increasing exports and imports of oil and gas on the account of surged demand across the world are fuelling the market growth. Global oil demand is estimated at 104 MMbbl/d in 2025 and natural gas continues to expand its share across major markets. Oil and gas companies will need to expand their production to meet emerging demand in the foreseeable future.
The oil and gas industry is undergoing rapid transformations across the world. The innovation of new technologies has allowed unconventional drilling that enhances oil & gas production. New business models and services are rapidly evolving and assisting to reduce the cost of operations in upstream oil & gas, which in turn promoting the market growth.
Sustained growth in the consumption of natural gas, petroleum, and petrochemical products is one of the major growth drivers for oil and gas companies in Brunei. Companies operating in the industry can benefit from this opportunity through investing and participating in the oil and gas trade. The major Brunei companies are undertaking various oil and gas pipeline projects and contracts to expand their production capacities and sustain their position in the oil and gas industry.
In Brunei, future oil and gas consumption will increase due to key factors such as a strong economy, population growth, and fuel economy. The dependence on oil and gas is further expected to increase as the country’s infrastructure continues to heavily rely on petroleum-based products.
The market players are also undertaking several investment plans to cater to the increasing demand for oil and gas products. Government policies and support related to the exploration and production of oil and gas are playing a major role in the industry and encouraging the companies to boost Brunei oil and gas investments.
Brunei Oil and Gas Market research identifies that the competition continues to intensify year-on-year. The report covers the 2019 scenario and growth prospects of the Brunei Oil and Gas market for 2020-2026.
Source:https://www.businesswire.com/news/home/20191205005820/en/Brunei-Oil-Gas-Market-Size-Share-Outlook