Market Size of West Africa Oil and Gas Upstream Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 6.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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West Africa Oil & Gas Upstream Market Analysis
The West African oil and gas upstream market is anticipated to register a CAGR of more than 6.5% during the forecast period.
The outbreak of COVID-19 negatively impacted the market. Currently, the market has reached pre-pandemic levels.
- Factors such as the region's increasing oil and gas production and the strengthening of crude oil prices due to various geopolitical reasons are likely to drive the market during the forecast period.
- However, political instability, coupled with vandalism of oil and gas infrastructure and theft of petroleum products, results in business losses for stakeholders, reducing the confidence to invest in oil and gas projects, which is anticipated to restrain the West African oil and gas upstream market during the forecast period.
- Several offshore discoveries have been done in the region in recent years, which is expected to create a lucrative opportunity for oil and gas upstream companies to invest in this region.
- Nigeria dominated the market due to a large number of upstream projects coming up in the country due to operators gaining confidence and increased production, with a rise in crude oil prices after a slump. Therefore, Nigeria is expected to dominate the market during the forecast period.
