Romania Oil and Gas Upstream Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The market is segmented by Location (Onshore and Offshore)

Romania Oil & Gas Upstream Market Size

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 Romania Oil and Gas Upstream Market - Market Summary
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Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR < 1.00 %
Market Concentration Medium

Major Players

Romania Oil and Gas Upstream Market

*Disclaimer: Major Players sorted in no particular order

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Romania Oil & Gas Upstream Market Analysis

The Romanian oil and gas upstream market is expected to register a CAGR of about 1% during the forecast period. Sustained growth in the consumption of natural gas, petroleum, petrochemical products, and modern developments of oil and gas exploration and production activities are the major drivers for the growth of the oil and gas upstream sector in Romania. However, volatile oil prices and government policies are expected to hinder the market growth during the forecast period.

  • 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.
  • The innovation of new technologies allows unconventional drilling that enhances oil & gas production. New business models and services are rapidly evolving and assisting to reduce the cost of operations in upstream oil and gas, which in turn, is promoting the market's growth.
  • The sustained production of oil and gas in the recent past was driving the market for oil and gas upstream in Romania.

Romania Oil & Gas Upstream Market Trends

This section covers the major market trends shaping the Romania Oil & Gas Upstream Market according to our research experts:

Onshore Segment to Dominate the Market

  • The Romanian government launched a public tender for the exploration, development, and production operations of 22 onshore and six offshore blocks within Romania's territorial waters of the Black Sea.
  • The onshore oil and gas market has about 400 deposits, most of them are small and fragmented, requiring the use of specialized technologies. Romania has the largest number of active wells in Europe. Romania's oil production is majorly from Black Sea platforms.
  • Oil resources are publicly owned in Romania. Exploration and production are undertaken through concession agreements between economic agents and the National Agency for Mineral Resources, which are granted as a result of public auctions.
  • Considering the 2018 proved reserves of 42.2 megatonnes of crude and condensate, Romania's reserves are estimated to deplete over the next 20 years dependent on the rate of extraction.
 Crude oil and Condensate Production Romania

Increasing Natural Gas Demand is Expected to Drive the Market

  • Romania is relatively self-sufficient in natural gas, with imports averaging around 10-15% over the past few years and the Black Sea resources have the potential to turn the country into a net exporter.
  • The annual consumption has reached 10.9 megatonnes in 2018. Therefore, while domestic production accounted for 33% of demand in 2018.
  • Romania has a century of experience in natural gas production. According to BP, in 2018, 9.5 billion cubic meters (bcm) of gas were brought to surface locally and the remaining quantity of 1.4 bcm was imported to cover domestic consumption.
Natural Gas Production Romania

Romania Oil & Gas Upstream Industry Overview

The Romanian oil and gas upstream market is moderately consolidated. Some of the key players in this market include OMV Petrom SA, SGS SA, Exxon Mobil Corporation, Romgaz SA, and Foraj Sonde SA Videle.

Romania Oil & Gas Upstream Market Leaders

  1. OMV Petrom SA

  2. SGS SA

  3. Exxon Mobil Corporation

  4. Romgaz SA

  5. Foraj Sonde SA Videle

*Disclaimer: Major Players sorted in no particular order

Romania Oil and Gas Upstream Market - Market Concentration.png
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Romania Oil & Gas Upstream Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Romania Proved Reserves, Oil and Gas, 2018

    3. 4.3 Romania Crude Oil Production Historic and Forecast, in thousand Barrels per Day, till 2025

    4. 4.4 Romania Natural Gas Production Historic and Forecast, in billion cubic feet, till 2025

    5. 4.5 Key Upstream Projects

    6. 4.6 Recent Trends and Developments

    7. 4.7 Government Policies and Regulations

    8. 4.8 Market Dynamics

      1. 4.8.1 Drivers

      2. 4.8.2 Restraints

    9. 4.9 Supply Chain Analysis

    10. 4.10 PESTLE Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Location of Deployment

      1. 5.1.1 Onshore

      2. 5.1.2 Offshore

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 OMV Petrom SA

      2. 6.3.2 SGS SA

      3. 6.3.3 Exxon Mobil Corporation

      4. 6.3.4 Romgaz SA

      5. 6.3.5 Foraj Sonde SA Videle

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Romania Oil & Gas Upstream Industry Segmentation

The report on the Romanian oil and gas upstream market includes:

Location of Deployment
Onshore
Offshore
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Romania Oil & Gas Upstream Market Research FAQs

The Romania Oil and Gas Upstream Market is projected to register a CAGR of less than 1% during the forecast period (2024-2029)

OMV Petrom SA , SGS SA, Exxon Mobil Corporation , Romgaz SA and Foraj Sonde SA Videle are the major companies operating in the Romania Oil and Gas Upstream Market.

The report covers the Romania Oil and Gas Upstream Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Romania Oil and Gas Upstream Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Romania Oil and Gas Upstream Industry Report

Statistics for the 2024 Romania Oil and Gas Upstream market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Romania Oil and Gas Upstream analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Romania Oil and Gas Upstream Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)