Market Size of Libya Oil and Gas Upstream Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Libya Oil and Gas Upstream Market Analysis
The Libya Oil and Gas Upstream Market is expected to register a CAGR of more than 5% over the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market is likely to reach pre-pandemic levels.
- Over the long term, factors such as upcoming oil and gas exploration projects and increased oil and gas production are expected to boost the demand in the Libya Oil and Gas Upstream Market during the forecast period.
- On the other hand, the ongoing civil war in the country has severely impacted the growth in the sector, and political instability is likely to hurt the Libya Oil and Gas Upstream Market during the forecast period.
- Nevertheless, the exploration and development of its offshore acreage for discovering prospective gas fields in the Mediterranean Sea are expected to provide a significant growth opportunity for the market beyond the forecast period.
