Market Size of United States 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 | 2.30 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Oil & Gas Upstream Market Analysis
The United States oil and gas upstream market is estimated to be at 12.4 million barrels per day by the end of this year. It is projected to reach 13.8 million barrels per day in the next five years, registering a CAGR of 2.3% during the forecast period.
- Over the medium term, increasing deep-water activities offshore will likely drive the US oil and gas upstream market in the forecast period. A huge amount of proven reserves in the Gulf of Mexico is attracting more investment in the deep water sector.
- On the other hand, volatility in oil prices and comparatively higher production costs for unconventional resources are expected to hinder the growth of the US oil and gas upstream market.
- Nevertheless, the increasing number of activities and oil production from the Permian Basin in the United States is likely to create lucrative opportunities for the United States oil and gas upstream market.
