Market Size of China Oil and Gas Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Oil and Gas Market Analysis
The Chinese oil and gas market is expected to register a CAGR of more than 5% during the forecast period, 2022-2027. The COVID-19 outbreak in Q1 2020 had an adverse impact on the Chinese oil and gas market in terms of drawdown investments, shortage of import quotas, and further muted Chinese fuel consumption. Factors such as the discovery of new oil and gas fields, rising oil and gas investments, and the growing demand for energy with the rising population are expected to drive the oil and gas market during the forecast period. However, the growing demand for renewable energy is expected to hinder the market's growth during the forecast period.
- The midstream segment is expected to witness significant growth in the Chinese oil and gas market during the forecast period.
- China targets to boost domestic production of unconventional sources like shale gas. It is also estimated that China's shale gas production may reach around 280 billion cubic meters (bcm) by 2035. Thus, the plans to boost its shale gas production are expected to create an opportunity in the coming years.
- The rising oil and gas investments, especially in the upstream and midstream sectors, are expected to drive the nation's oil and gas market during the forecast period.
