Market Size of Italy 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 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Italy Oil & Gas Upstream Market Analysis
The Italy oil and gas upstream market is expected to grow at a CAGR of over 2% during the forecast period 2020-2025. Italy is a net importer of oil and gas, importing 92% of its oil and gas from countries like Russia and Libya while producing 8% of oil and gas in the country. At the same time, the energy demand of the country is constantly increasing, which is likely to drive Italy oil and gas upstream market during the forecast period. However, the Italian government is emphasizing on shifting towards renewable energy resources by 2030. Italy, in the past years, banned offshore upstream activities within 12 miles near the coast due to the deep-water Horizon incident in the Gulf of Mexico in 2010. Such moves by the government are expected to hinder the growth of the market in the coming years.
- The onshore segment held a significant market share and is likely to dominate the Italy oil and gas upstream market.
- The country's renewable energy market is likely to take more than 10-15 years to produce 30% of energy, till then oil and gas demand is likely to increase which creates several opportunities for Italy's oil and gas upstream market in the future.
- Increasing deployment of renewable energy sources is likley to create restrain in the Italy oil and gas upstream market durng the forecast period.
