Market Size of Venezuela Oil and Gas Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | < 3.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Venezuela Oil and Gas Market Analysis
The Venezuelan oil and gas market is expected to record a CAGR of less than 3.5% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. However, the market has now reached pre-pandemic levels.
The Venezuelan government plans to nationalize its oil and gas assets due to the implementation of United States sanctions on Venezuela. Nationalizing the asset reduces the capital expenditure of foreign oil companies, resulting in a decrease in crude oil production from the country during the forecast period. Decreased crude oil production due to lower capital investment is expected to restrict the market's growth during the forecast period. Nevertheless, Venezuela has massive potential for hydrocarbon resources. The country has the possibility of foreign player involvement and participation in oil and gas exploitation in the near future.
