Market Size of Angola Oil and Gas Upstream Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Angola Oil & Gas Upstream Market Analysis
The Angolan oil and gas upstream market is expected to record a CAGR of more than 1.5% during the forecast period 2022-2027. The COVID-19 pandemic affected the market severely, with a major decline in the demand for crude oil. This made upstream activities economically unfeasible. However, the market is expected to recover once the restrictions imposed to control the pandemic are removed. Factors such as government focus on the development of crude oil and natural gas assets coupled with the discovery of new reservoirs are likely to drive market demand during the forecast period. However, the high volatility of crude oil prices and the shift toward renewable energy sources for energy generation are expected to restrain the market growth during the forecast period.
The offshore segment is expected to witness significant growth during the forecast period.
Significant potential in Angola's offshore area in terms of crude and natural gas deposits is likely to present significant opportunities over the coming years.
The shift toward renewable energy sources for energy generation is likely to restrain the market.
