Market Size of Romania 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 | Medium |
Major Players
*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.
