Market Size of Gulf of Mexico 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 | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Gulf of Mexico Oil & Gas Upstream Market Analysis
The Gulf of Mexico oil and gas upstream market is expected to grow at a CAGR of over 2% during the forecast period of 2020-2025. Factors such as the reduction in the cost of the drilling rigs has attracted investments in offshore activities and is likely to drive the Gulf of Mexico oil and gas upstream market. However, accident such as Deep Water Horizon has imposed more strict regulations on the companies in the region which is expected to restain the Gulf of Mexico oil and gas upstream market.
- The Deep-water and Ultra Deep-water due to more oil production held a significant market share in 2018, and it is likely to dominate the market during the forecast period.
- In 2019, Cuba Petróleo Union of Cuba did its first license bidding round for exploration and production in the Gulf of Mexico, these activities may open several doors for the Cuban upstream market and is likely to create several opportunities in the Gulf of Mexico oil and gas upstream market.
- The increase in the number of offshore activities due to less investment return period is likely to drive the Gulf of Mexico oil and gas upstream market.
