Market Size of Norway 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 | > 1.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Norway Oil & Gas Upstream Market Analysis
The Norwegian oil and gas upstream market is expected to register a CAGR of more than 1% during the forecast period. The strain on oil demand and prices from the impact of the COVID-19 pandemic has led oil companies to lower exploration budgets and delay a number of exploration wells in 2020. The major factor driving the market is the increasing development of new oilfields in the country over the forecast period. However, the divestment of government funds from the upstream oil and gas sector can act as a restraining factor for the market growth.
- The development of new oilfields is likely to drive the market over the forecast period.
- The discovery of new small oilfields is likely to provide an opportunity for the upstream oil and gas companies operating in Norway in the near future.
- The availability of oil reserves and increasing investment in the upstream sector are likely to drive the market over the forecast period.
