Market Size of China 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 | > 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Oil & Gas Upstream Market Analysis
The Chinese oil and gas upstream market is expected to register a CAGR of more than 3% during the forecast period, 2022-2027. The COVID-19 outbreak in Q1 of 2020 had an adverse impact in terms of drawdown investments, reduced oil and gas exploration, and production activities across the country. Factors such as the discovery of new oil and gas fields, rising oil and gas investments, and the growing demand for petroleum products with the rising population are expected to drive the oil and gas market during the forecast period. However, rising emphasis on the renewable energy sector along with higher oil and gas production costs are expected to hinder the market growth during the forecast period.
- The offshore segment is expected to dominate the China oil and gas upstream market, owing to increasing oil and gas exploration activities to meet the demand.
- China targets to boost domestic production of unconventional sources like shale gas. It is also estimated that China's shale gas production is likely to reach around 280 billion cubic meters (bcm) by 2035. This factor is expected to create immense opportunities for China's oil and gas upstream market in the coming years.
- Rising oil and gas investments in exploration and production activities are expected to drive the nation's oil and gas upstream market during the forecast period.
