Market Size of Azerbaijan Oil and Gas Upstream Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 1.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Azerbaijan Oil & Gas Upstream Market Analysis
The Azerbaijan oil and gas upstream market is projected to register a CAGR of 1.5% during the forecast period.
The COVID-19 pandemic negatively impacted the market in 2020. However, the market has now reached pre-pandemic levels. The presence of international oil and gas majors such as BP, and Total, along with several joint ventures with the State Oil Company of the Azerbaijan Republic (SOCAR) for the exploration and production of several onshore and offshore fields, is expected to drive the market's growth during the forecast period. However, the increasing benefits and the country's plan to increase the share of renewables in the energy mix, complemented by volatile crude oil prices, are expected to hinder the growth of the market studied.
Technological improvements and increasing viability of deepwater and ultra-deepwater projects in the Gunashli field are expected to create ample opportunity for the market players in Azerbaijan oil and gas upstream market.
