Global Growth - Energy sector in the GCC countries

Norwegian version: Global Growth - Energisektoren i GCC-landene

• Type of service: Export Program
• Target group: Companies with solutions to lower and manage the emissions in the O&G sector
• Application Deadline: 20 December 2024
• Cost: NOK 40,000-60,000
• Period: Q1-Q4 2025

Who should apply

In cooperation with NORWEP, we invite a group of Norwegian companies with relevant products and services to lower and manage the emissions in the O&G sector to participate in this Global Growth program. The company should have sustainable solutions in one or more of below areas:

• Decarbonization
  • Low carbon/emission solutions
  • Digitalization
  • CCUS
• Subsurface
  • Drilling & Well Technology
  • Reservoir optimization

What you get

Participating companies will gain information and market insights to understand, evaluate, and develop a new or improved export strategy targeting GCC countries. You will have the opportunity to present your technology, explore market opportunities, build networks and meet key industry players, customers and potential partners. You can expect to get:

• Market information webinars
• Knowledge exchange sessions on ways of doing business & business culture
• Pitch training
• Two market visits during 2025

Global Growth - Low Emission Solutions for O&G and Energy Sector of GCC Countries is supported by Team Norway, which consists of Innovation Norway, Norwegian Energy Partners, and Royal Norwegian Embassies in Abu Dhabi and Riyadh.

Tentative timeline

Preliminary schedule

• Planning & preparation (Q4 2024)
• Go to market strategy (kick off) (Q1 2025)
• 1st Market Visit (Q1-Q2 2025)
• Follow up (Q3 2025)
• 2nd Market Visit(s) (Q3-Q4 2025)
• Follow up / Prepare for 2026 edition (Q4 2025)

We plan to run a similar structure program in 2026 to visit two or three more GCC countries that we don’t get to visit in 2025. The cost of participation in the 2026 program will be discussed and announced in Q4 2025.

More about cost

The participation fee is NOK 60,000 for large companies, and NOK 40,000 for small and medium-sized enterprises (SMEs). In addition, you need to cover the travel expenses.

*We define an SME as a company with less than 250 employees, and an annual turnover that does not exceed EUR 50 million or a balance sheet that does not exceed EUR 43 million. If the company does not meet both criteria, it is considered a large enterprise. Moreover, if a company is owned more than 25 percent by a large enterprise, it is not considered an SME.

Why do we have this initiative?

The GCC countries, comprising Saudi Arabia, the UAE, Oman, Qatar, Kuwait, and Bahrain, present significant market opportunities for Norwegian petroleum service companies. The Middle East's current crude oil production exceeds 30 million barrels per day, with an additional 700 billion cubic meters of gas produced annually, solidifying its position as a global energy powerhouse.

According to Rystad Energy, cumulative upstream O&G expenditure in the MENA region is projected to surpass $738 billion from 2023 to 2030, as project commitments continue to climb. Saudi Arabia leads this investment surge, with a staggering $234 billion allocated for spending through 2030, followed by the UAE's $75 billion commitment. As Middle Eastern O&G fields undergo digital transformation, producers are actively seeking ways to further optimize production through innovative technologies and techniques.

With an increased focus on lowering emissions and the expected growth of O&G production in the GCC countries, Norwegian technology providers are uniquely positioned to contribute innovative and environmentally sustainable solutions for hydrocarbon extraction in the region. With their world-class technologies and expertise, Norwegian companies can play a vital role in this best practice sharing initiative, ultimately positioning themselves for lucrative opportunities across the GCC Countries.

Contacts

Majid Salehi
Senior Market Advisor

majid.salehi@innovationnorway.no
+971 52 624 0911

Anne Lorge Riise
Director – Middle East

anne.lorgen.riise@innovationnorway.no
+971 58 554 0146 / +47 97764999

Hans Inge Bollingmo
Special Adviser

hans.inge.bollingmo@innovasjonnorge.no
+47 91558775