Market Size of Colombia Oil and Gas Downstream Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 1.27 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Colombia Oil & Gas Downstream Market Analysis
The Colombia oil and gas downstream market is expected to grow at a CAGR of less than 1.27% during the forecast period of 2020 - 2025. Factors such as increasing demand for natural gas and rising production of oil in the country are expected to boost the demand for the Colombia oil and gas downstream market during the forecast period. However, refineries were built initially to process light, sweet crude oil from fields such as Cusiana and Cupaigua. Colombia's increasingly heavy crude oil production has presented challenges to the refining and midstream sectors
- Refineries are expected to dominate the market, due to higher installed capacity in the country.
- Colombia's government-owned company is expected to invest in the exploration and production of Colombia's oil and gas fields. It is likely that the investment would increase production and create an opportunity for cheaper oil and gas for the refineries.
- As little investment is expected into the oil and gas downstream sector in the forecast period consumption for natural gas and oil is expected to be the main driver of the market
