Following a new report from the Chemical Material Food Energy (CMFE) Insights Research Foundation, the Sultanate of Oman’s oil and gas sector is expected to grow at a compound rate of 14% between the years 2020 to 2027, according to the Oman News Agency.

The report mentioned that the Asia-Pacific market is expected to see the fastest growth in terms of Omani oil and gas imports.

In terms of future potential, a global opportunities analysis report identified that North America, Latin America, Asia and the Pacific, Europe, and India as the areas with the most growth potential.

As the demand for new innovative solutions increases, the report predicts the increased presence of more startups emerging in the oil and gas sector that will lead to growth.