Market Size of North Sea 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 | > 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North Sea Oil and Gas Upstream Market Analysis
The North Sea oil and gas upstream market is projected to register a CAGR of around 3 % during the forecast period.
The market was negatively impacted by the COVID-19 pandemic in 2020. Presently, the market has reached pre-pandemic levels.
- A 40% reduction in the offshore drilling cost is expected to drive the growth of the North Sea oil and gas upstream market during the forecast period.
- On the other hand, the increasing usage of renewable sources to meet energy needs will likely restrain the North Sea oil and gas upstream market.
- A large amount of remaining oil and gas reserves in the region, which are expected to be exploited for several more decades, are expected to create ample opportunities for the North Sea oil and gas upstream market in the future.
- The United Kingdom has several projects in the pipeline, which may help the country dominate the North Sea oil and gas upstream market during the forecast period.
