Market Size of Australia 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 | > 2.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Australia Oil and Gas Upstream Market Analysis
The Australian oil and gas upstream market is expected to record a CAGR of more than 2% during the forecast period (2022-2027). The COVID-19 outbreak affected the market negatively, causing a global decline in the demand for crude oil and a crashing of oil prices worldwide. These factors led to a decline in upstream activities due to economic unfeasibility. The market is expected to recover once the restrictions imposed to contain the pandemic are lifted. Factors such as a large proven hydrocarbon resource base and stability of government regulations are likely to drive the market during the forecast period. However, the volatility of crude oil prices and higher production costs from unconventional resources are likely to restrain the market's growth during the forecast period.
- The offshore segment is expected to dominate the market during the forecast period.
- Australia has about 2.4 thousand million barrels of total proven oil reserves, which can be exploited in the future for commercial production. This factor is likely to present opportunities for the players in the Australian oil and gas upstream market.
- The country's shift toward renewable energy sources is likely to restrain the market during the forecast period.
