Market Size of Southeast Asia 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 | > 5.50 % |
| Market Concentration | Medium |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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Southeast Asia Oil and Gas Upstream Market Analysis
The Southeast Asian oil and gas upstream market is expected to register a CAGR of more than 5.5% during the forecast period, 2022-2027. The outbreak of the COVID-19 had negatively impacted the market as lockdown restrictions imposed by the governments in the region have reduced the petroleum products consumption in the region. During the COVID-19 in Q1 of 2020, the region's oil and gas demand dropped by 520,000 barrels per day (b/d). Also, the COVID-19 has caused the delay in the various projects across the region. For instance, Indonesia postponed its six oil and gas bidding rounds, and Petronas delayed its Kelidang cluster in Brunei and Malaysia. Factors such as increasing demand for oil and natural gas and rising foreign direct investment are expected to boost the Southeast Asian oil and gas upstream market during the forecast period. However, with the advent of reliable and cheaper renewable energy, more investment may not focus on oil and gas.
- The offshore sub-segment is expected to dominate the market during the forecast period.
- Countries in the region are eagerly finding and trying to produce oil and natural gas reserves. As a result, increased exploration and discoveries are being made, which could become an opportunity for many players and new entrants in the market.
- Malaysia is expected to dominate the market during the forecast period, owing to new investments in the upstream oil and gas industry.
