Market Size of Romania Oil and Gas Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.99 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Romania Oil and Gas Market Analysis
The Romania oil and gas upstream market is expected to grow at a CAGR of more than 1.99% during the forecast period of 2020-2025. Factors, such as up-gradation of the current downstream infrastructure and increasing investment in the refining and the petrochemical sector, and sustained growth in the consumption of natural gas, petroleum, petrochemical products and modern developments of oil and gas exploration are the major drivers for the oil and gas sector in Romania. However, on the flip side, the decreasing oil processing capacity from 35 million tons in 2000 to 13.5 million tons in 2018, due to volatile oil prices and government policies are expected to hinder the market growth during the forecast period.
- The refining capacity has been growing considerably over the recent past is expected to grow over the forecast period, and the petrochemical segment is expected to be the most significant sector due to the industrialization of the chemical industry during the forecast period. Therefore, the downstream sector is expected to witness growth.
- Romania is the largest natural gas producer in Central and Eastern Europe, and most of Romania's output is from the onshore fields, and it is likely to dominate the market during the forecast period.
- Digitalization and modernization of the refining and petrochemical sector are expected to reduce the refining costs and process losses. This, in turn, is expected to create an opportunity for the market in the coming years.
