Natural gas increased 0.21 USD/MMBtu or 5.84% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Natural gas - values, historical data, forecasts and news - updated on March of 2025.

TTF Gas decreased 8.92 EUR/MWh or 17.69% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. EU Natural Gas TTF - values, historical data, forecasts and news - updated on March of 2025.

In 2023, the price of natural gas in Europe reached 13.1 constant U.S. dollars per million British thermal units, compared with 2.5 U.S. dollars in the U.S. This was a notable decrease compared to the previous year, which had seen a steep increase in prices due to an energy supply shortage exacerbated by the Russia-Ukraine war. Since 1980, natural gas prices have typically been higher in Europe than in the United States and are expected to remain so for the coming two years. This is due to the U.S. being a significantly larger natural gas producer than Europe.

What is natural gas and why is it gaining ground in the energy market? Natural gas is commonly burned in power plants with combustion turbines that generate electricity or used as a heating fuel. Given the fact that the world’s energy demand continues to grow, natural gas was seen by some industry leaders as an acceptable "bridge-fuel" to overcome the use of more emission-intensive energy sources such as coal. Subsequently, natural gas has become the main fuel for electricity generation in the U.S., while the global gas power generation share has reached 22 percent.

How domestic production shapes U.S. natural gas prices The combination of hydraulic fracturing (“fracking”) and horizontal drilling can be regarded as one of the oil and gas industry’s biggest breakthroughs in decades, with the U.S. being the largest beneficiary. This technology has helped the industry release unprecedented quantities of gas from deposits, mainly shale and tar sands that were previously thought either inaccessible or uneconomic. It is forecast that U.S. shale gas production could reach 35 trillion cubic feet in 2050, up from 1.77 trillion cubic feet in 2000.

UK Gas decreased 26.27 GBp/Thm or 20.95% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. UK Natural Gas - values, historical data, forecasts and news - updated on March of 2025.

The size of the North America Natural Gas Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 5.00% during the forecast period. The North American natural gas market is exhibiting dynamic growth, not only owing to high domestic production coupled with rising consumption but also a growing trend toward cleaner sources of energy. Today, the United States is the world's largest producer of natural gas, largely because of the breakthrough in shale extraction technologies that have opened up vast reserves. This has resulted in the United States becoming the world's largest liquefied natural gas exporter. Most particularly, it makes use of incredibly high demand in markets such as Asia and Europe. Canada has considerable natural gas reserves, pipelines, and other infrastructure, supporting both the export of gas to the U.S. and international markets, besides providing domestic energy supply. ALCANICA: Canada is also focusing on the development of LNG export facilities to meet growing demand worldwide. As environmental concerns go up, natural gas becomes a bridge fuel-a source to help in the process of moving away from coal and supporting renewable integration. The issues affecting the market here include price volatility, regulatory barriers, and increased competition due to renewable energy. This should continue to be accompanied by growth in North America's natural gas market, as production capacity is strong, and investments being made in infrastructure are supported within a shifting energy mix that increasingly is suited for cleaner fuels. Recent developments include: In July 2022, Sempra Infrastructure signed an agreement with Mexico's Federal Electricity Commission to advance the joint development of critical energy infrastructure projects in Mexico, including the rerouting of the Guaymas-El Oro pipeline in Sonora, the proposed Vista Pacífico LNG project in Topolobampo, Sinaloa, and the potential development of a liquefied natural gas (LNG) terminal in Salina Cruz, Oaxaca.. Key drivers for this market are: 4., Growing Demand for Renewable Energy4.; Upcoming Investments in the Energy Sector and Supportive Renewable Energy Policies. Potential restraints include: 4., High Initial Investment Cost and Long Investment Return Period on Projects. Notable trends are: Power generation to Dominate the Market.

The GCC natural gas market is projected to grow substantially from 2023 to 2033. According to the research report published by Future Market Insights, the global market is anticipated to cross a valuation of US$ 55,248.7 million in 2023. It is predicted to attain a valuation of US$ 85,799.6 million by 2033. The market is expected to thrive at a CAGR of 4.5% from 2023 to 2033.

GCC Natural Gas Historical Analysis (2018 to 2022) Vs. Forecast Outlook (2023 to 2033)

Global liquefied natural gas prices have shown less volatility in 2024 and 2025 than the years prior, with the benchmark price reaching 14.72 U.S. dollars per million metric British thermal units in February 2025. This figure represents an increase from the same period a year earlier. The global LNG benchmark, which is largely influenced by Asian market trading, particularly Indonesian LNG in Japan, serves as a key indicator for the industry's pricing trends. Natural gas prices become less volatile The Asian LNG market experienced less turbulence in 2023 compared to the previous year, with price volatility dropping to 75 percent. This relative stability followed an exceptionally volatile 2022, when LNG demand surged due to sanctions on Russian imports. The global natural gas price index, which encompasses European, Japanese, and American markets, stood at 207.9 index points in November 2024, showing an increase of nearly 20 points that month. This upward trend in natural gas prices contrasts with the comparatively lower crude oil price indices and follows greater heating demand in the winter months. Landed prices vis-à-vis export prices Due to its geographical location, Japan is exclusively reliant on LNG trading for its natural gas supply. As such, Japan's landed LNG spot price is often higher than for other markets, reaching approximately 10.05 U.S. dollars per million British thermal units in January 2024. By comparison, the world's largest LNG exporter, the United States, has seen its LNG export prices decrease to 7.57 U.S. dollars per thousand cubic feet in 2023, down from 12.24 U.S. dollars the previous year.

The price of gas in the United Kingdom was 106 British pence per therm in the fourth quarter of 2024. It is anticipated gas prices will increase to 131 pence in the second quarter of 2025 before gradually falling to just under 80 pence by the second quarter of 2027.
Surging energy costs and the cost of living crisis At the height of the UK's recent cost of living crisis in 2022, approximately 91 percent of UK households were experiencing rising prices compared with the previous month. It was during 2022 that the UK's CPI inflation rate reached a peak of 11.1 percent, in October of that year. Food and energy, in particular, were the main drivers of inflation during this period, with energy inflation reaching 26.6 percent, and food prices increasing by 18.2 percent at the height of the crisis. Global Inflation Crisis The UK was not alone in suffering rapid inflation during this time period, with several countries across the world experiencing an inflation crisis. The roots of the crisis began as the global economy gradually emerged from the COVID-19 pandemic in 2021. Blocked-up supply chains, struggled to recover as quickly as consumer demand, with food and energy prices also facing upward pressure. Russia's invasion of Ukraine in February 2022 led to Europe gradually weening itself of cheap Russian energy exports, while for several months Ukraine struggled to export crucial food supplies to the rest of the World.

Czech Republic Natural Gas Price: Avg: excl VAT: AC: 2779 to 27783 MWh data was reported at 1,602.310 CZK/MWh in Sep 2024. This records an increase from the previous number of 1,552.250 CZK/MWh for Jun 2024. Czech Republic Natural Gas Price: Avg: excl VAT: AC: 2779 to 27783 MWh data is updated quarterly, averaging 777.070 CZK/MWh from Sep 2007 (Median) to Sep 2024, with 69 observations. The data reached an all-time high of 2,101.330 CZK/MWh in Sep 2022 and a record low of 599.910 CZK/MWh in Sep 2017. Czech Republic Natural Gas Price: Avg: excl VAT: AC: 2779 to 27783 MWh data remains active status in CEIC and is reported by Czech Statistical Office. The data is categorized under Global Database’s Czech Republic – Table CZ.P005: Natural Gas and Electricity Average Price.

Natural Gas: Alberta Market Price data was reported at 2.071 CAD/GJ in Feb 2025. This records an increase from the previous number of 1.931 CAD/GJ for Jan 2025. Natural Gas: Alberta Market Price data is updated monthly, averaging 2.477 CAD/GJ from Jan 2012 (Median) to Feb 2025, with 158 observations. The data reached an all-time high of 6.860 CAD/GJ in Jun 2022 and a record low of 0.695 CAD/GJ in Sep 2024. Natural Gas: Alberta Market Price data remains active status in CEIC and is reported by Canadian Gas Association. The data is categorized under Global Database’s Canada – Table CA.P017: Natural Gas Price.

The size of the USA Oil and Gas Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 4.00% during the forecast period. The oil and gas market refers to the global industry involved in the exploration, extraction, refining, transportation, and sale of petroleum and natural gas products. This sector plays a crucial role in powering the global economy, providing the primary source of energy for industries, transportation, heating, and electricity generation. The market is divided into three main segments: upstream, midstream, and downstream. Upstream involves exploration and production, where companies search for oil and gas reserves and extract them. Midstream covers the transportation, storage, and wholesale marketing of crude or refined petroleum products, often involving pipelines, shipping, and storage facilities. Downstream includes refining crude oil, processing raw natural gas, and marketing the end products like gasoline, diesel, jet fuel, lubricants, and petrochemicals used in plastics and other materials. Recent developments include: March 2022: The United States' President Joe Biden agreed to a landmark energy supply deal with the European Union. Under this deal, the United States was expected to increase transatlantic gas deliveries. This deal is important to reduce dependence on Russia after the Russia-Ukraine War., January 2022: The Department of Energy announced the release of 13.4 million barrels of oil from the Strategic Petroleum Reserve. The release of the emergency oil reserves aimed to combat rising gasoline prices in the United States and the lack of oil supply worldwide.. Key drivers for this market are: 4., Modernization and Upgrades of Existing Military Aircraft Fleets4.; Increasing Defense Budgets. Potential restraints include: 4., Shift Toward Unmanned Aircraft. Notable trends are: Upstream Sector Expected Witness Significant Growth.

Natural Gas: Average Commercial Price: Colorado data was reported at 8.310 USD/1000 Cub ft in Dec 2024. This records an increase from the previous number of 8.250 USD/1000 Cub ft for Nov 2024. Natural Gas: Average Commercial Price: Colorado data is updated monthly, averaging 7.045 USD/1000 Cub ft from Jan 1989 (Median) to Dec 2024, with 432 observations. The data reached an all-time high of 16.700 USD/1000 Cub ft in Sep 2022 and a record low of 3.320 USD/1000 Cub ft in Dec 1996. Natural Gas: Average Commercial Price: Colorado data remains active status in CEIC and is reported by U.S. Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P012: Natural Gas Prices.

Recent developments include: July 2022: The Indian government announced that it had set a target to raise the share of natural gas in the energy mix to 15% by 2030 from the current 6.3%. According to the data demonstrated by the Ministry of Petroleum & Natural Gas, 95.21 lakh PNG (Domestic) connections have been provided, and the authorized entities have established 4531 CNG (Transport) stations as of 31 May 2022., May 2022: The China National Offshore Oil Company (CNOOC) awarded CNY 16 billion (USD2.42 billion) contracts for building 12 liquefied natural gas tankers. The 12 vessels will be constructed by Hudong Zhonghua Shipbuilding Co., a China State Shipbuilding Corporation (CSSC). Each tanker can carry about 174,000 cubic meters of LNG, equivalent to 108 million cubic meters when re-gasified. The vessels are slated for commissioning between 2024 and 2027., January 2022: GAIL (India) Ltd commenced India's first-of-its-kind project of mixing hydrogen into the natural gas system in Indore, Madhya Pradesh. The hydrogen blended natural gas will be supplied to Avantika Gas Ltd, one of GAIL's joint ventures with HPCL, to retail CNG to automobiles and piped natural gas to households in Indore.. Key drivers for this market are: 4., Increasing Electricity Demand4.; Rsing Investments in the Coal Industry. Potential restraints include: 4., Increasing Installation of Renewable Energy Sources. Notable trends are: Increasing Investments in Natural Gas Production to Drive the Market.

As per Cognitive Market Research's latest published report, the Global Oil Exploration and Production market size is $3,588.98 Million in 2024 and it is forecasted to reach $5,116.57 Billion by 2031. Oil Exploration and Production Industry's Compound Annual Growth Rate will be 5.20% from 2024 to 2031. Market Dynamics of the Oil Exploration and Production Market

Market Driver for the Oil Exploration and Production Market

The increasing investment in oil sector by several government bodies worldwide elevates the market growth 

Many countries view a stable and secure energy supply as crucial for their economic development and national security. Investing in the oil sector helps ensure a reliable source of energy. Oil exploration and production contribute significantly to the economic growth of a country. Governments often invest in the oil sector to capitalize on the potential for high returns, which can be used to fund public services, infrastructure projects, and other essential programs. Despite efforts to transition to renewable energy sources, the global demand for oil remains high. Governments recognize the need to meet this demand and ensure a stable energy supply to support industrial processes, transportation, and other key sectors. The oil and gas industry encompasses activities linked to exploration, including the search for hydrocarbons, identification of high-potential areas for oil and gas extraction, test drilling, the construction of wells, and initial extraction. According to the Center on Global Energy Policy, data 2023, the 2021–22 period of high oil and gas prices did not lead to a significant increase in capital spending by private companies despite record profits. One exception has been upstream exploration and production (E&P) companies, whose capital spending in 2022 was the highest since 2014.   According to the International Labor Organization (ILO), data 2022, the oil and gas industry makes a significant contribution to the global economy and to its growth and development worldwide. The oil industry alone accounts for almost 3 per cent of global domestic product. The trade in crude oil reached US$640 billion in 2020, making it one of the world’s most traded commodities. Additionally, the industry is highly capital-intensive. Globally investments in oil and gas supply reached more than US$511 billion in 2020. According to the oil and gas industry outlook, data 2023, rapid recovery in demand, and geopolitical developments have driven oil prices to 2014 highs and upstream cash flows to record levels. In 2022, the global upstream industry is projected to generate its highest-ever free cash flows of $1.4 trillion at an assumed average Brent oil price of $106/bbl. Until now, the industry has practiced capital discipline and focused on cash flow generation and pay-out—2022 year-to-date average O&G production is up by 4.5% over the same period last year, while 2022 free cash flows per barrel of production is projected to be higher by nearly 70% over 2021. In addition, high commodity prices and growing concerns over energy security are creating urgency for many to diversify supply and accelerate the energy transition. As a result, clean energy investment by Oil &Gas companies has risen by an average of 12% each year since 2020 and is expected to account for an estimated 5% of total Oil & Gas capex spending in 2022, up from less than 2% in 2020.Therefore, investments made over recent decades enabled the United States to become a world leader in oil and natural gas production. Thus, owing to increased oil production, the demand for oil exploration and production has surged during the past few years.

The rising demand for oil across both commercial and residential sector is expected to drive the market growth 

Oil remains a primary source of energy for transportation, including cars, trucks, ships, and airplanes. The growing global population, urbanization, and increased industrial activity contribute to a rise in the number of vehicles and the overall demand for transportation fuels derived from oil, such as gasoline and diesel. Many industrial processes rely on oil and its by-products as energy sources and raw materials. Industries such as manufacturing, petrochemicals, and construction utilize oil-based products for various applications, including heating, power generation, and the production of pl...

Europe’s petroleum and natural gas extraction support services’ revenue is forecast to contract at a compound annual rate of 3.8% over the five years through 2024 to €62.1 billion. Widespread disruption caused by the COVID-19 pandemic weighed heavily on extraction and exploration activity in downstream oil and gas markets as poor demand conditions caused prices to plummet, disincentivising new investment and causing support service contractors to offer price concessions to customers, compounding the industry’s weak revenue performance and weighing on profitability. Demand has increased since lockdown restrictions eased, supporting revenue over 2021 and 2022. Russia’s invasion of Ukraine led to significant price increases in both oil and gas due to supply uncertainties. This also led to Norway becoming Europe’s largest natural gas supplier in 2022, supporting revenue opportunities for Norwegian contractors. Norway has also increased the level of investment into new oil and gas fields to alleviate uncertainties regarding supply following trade restrictions placed on Russian oil and gas. Nonetheless, weakening demand and falling oil and gas prices have contributed to an expected revenue slump of 20.3% in 2024. Over the five years through 2029, revenue is forecast to climb at a compound annual rate of 7% to €87.2 billion. New investments into oil and gas fields will provide contractors with new revenue opportunities, supporting revenue growth and expanding profitability. However, ongoing efforts across Europe to meet environmental and emissions targets, like net zero by 2050, will continue to threaten demand for oil and gas, somewhat limiting revenue growth.

Natural Gas: Average Commercial Price: Maryland data was reported at 11.930 USD/1000 Cub ft in Dec 2024. This records a decrease from the previous number of 14.760 USD/1000 Cub ft for Nov 2024. Natural Gas: Average Commercial Price: Maryland data is updated monthly, averaging 9.625 USD/1000 Cub ft from Jan 1989 (Median) to Dec 2024, with 432 observations. The data reached an all-time high of 19.900 USD/1000 Cub ft in Aug 2022 and a record low of 4.630 USD/1000 Cub ft in Apr 1992. Natural Gas: Average Commercial Price: Maryland data remains active status in CEIC and is reported by U.S. Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P012: Natural Gas Prices.

UK oil and gas production has diminished over the past decade because old oil fields have matured, and developing new commercially viable sources has become increasingly challenging. To combat this, extractors have pooled their resources and formed partnerships to enhance efficiency, while some have benefitted from previous investments in fields coming onstream. Oil and gas extracting companies also have reaped the rewards of an upsurge in global prices through 2022-23, leading to sharp revenue growth. However, this quickly turned around in 2023-24, with most major companies’ revenue nosediving along with oil prices. Revenue is expected to expand at a compound annual rate of 3.4% over the five years through 2024-25 to just over £33 billion. This includes a forecast hike of 5.3% in 2024-25; however, profit is slated to inch downward over the year as global oil and gas prices remain somewhat flat in the second half of 2024-25. The industry's performance is greatly affected by world oil and gas prices, with supply cuts put into place by the Organisation of the Petroleum Exporting Countries (OPEC) and global tensions resulting in price peaks and troughs. In October 2022, OPEC instituted a supply cut of two million barrels of crude oil per day, driving Brent Crude Oil prices up to US$110 (£87.80) per barrel, which has been extended until March 2025, with a ramping up period through September 2025. The sanctions on Russian oil and gas imports because of the Russia-Ukraine conflict add further impetus to prices. The EU has banned imports of Russian-made oil and gas, providing opportunities for UK exporters. Crude oil prices remain high, but significant oil production from non-OPEC countries threatening a glut in the oil market and a significant dip in global demand (especially from China) have made oil prices tumble sharply since July 2024. Despite mounting tensions in the Middle East having the potential to cut oil supply from the region, the ongoing political tensions have yet to significantly impact global prices, with prices hiking up around 10% in the month to October 2024, but remaining relatively low. Oil and gas prices are likely to continue inching downwards in the coming years as America is forecast to continue ramping up the global oil and gas supply. This, along with an expected reduction in global demand for oil and gas in the long term, will limit growth. The UK government will implement policies to create a more favourable environment for extractors and further investment in the North Sea to improve UK energy security. However, the depletion of natural resources, the expensive cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. The government announced a delay to the ban on the sale of new petrol and diesel cars, along with the relaxation of some net-zero policies in September 2023, which should keep fossil fuel explorers afloat for longer. Revenue is forecast to rise at a compound annual rate of 3.4% over the five years through 2029-30 to just over £39 billion.

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Offshore Oil And Gas Pipeline Market Size 2024-2028

The offshore oil and gas pipeline market size is forecast to increase by USD 4.17 billion at a CAGR of 5.58% between 2023 and 2028. Offshore pipelines are increasingly favored by oil and gas companies due to their economic benefits, including reduced transportation costs and lower environmental impact compared to alternative modes. The growth in exploration and production (E&P) activities, driven by new reserve discoveries and the imperative to replace dwindling production from existing fields, is amplifying the demand for offshore pipelines to transport extracted oil and gas.

Furthermore, the escalating global energy demand is stimulating investments in infrastructure to facilitate oil and gas transportation, thereby bolstering market expansion. As companies seek more cost-effective and environmentally friendly transportation solutions, offshore pipelines emerge as a preferred choice, poised to play a pivotal role in meeting the escalating demands of the energy sector while minimizing environmental footprint and optimizing operational efficiency.

Market Analaysis

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The market encompasses the design, construction, and operation of pipelines transporting hydrocarbons, including natural gas and petroleum, from offshore sources such as the Mediterranean Sea's Nargis Offshore Area and the Gulf of Mexico to the final destination. Key players in this sector play a strategic role in facilitating hydrocarbon imports from shale gas resources and enabling the expansion of urbanization and the automotive sector. The pipeline network, consisting of Wide Area Networks and Local Area Networks (LANs), includes sensor and control connections to ensure efficient operation. The power generation sector and industries like plastics are significant consumers of refined goods transported via these pipelines. Companies in Houston are investing in offshore pipeline projects to meet the growing energy demand.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Sector

  Up stream
  Mid stream
  Down stream


Product

  Oil
  Gas


Geography

  Europe

    Norway


  Middle East and Africa



  APAC

    China


  South America



  North America

By Sector Insights

The up stream segment is estimated to witness significant growth during the forecast period. In the offshore oil and gas industry, pipeline networks play a crucial role in transporting petroleum products from new gas fields to various end-users, including green energy producers and the power generation sector. These pipelines facilitate the transportation of crude oil and natural gas from offshore platforms to refineries, enhancing refinery capacity and supporting the petrochemical industry. Pipeline infrastructure is essential for the export of oil and gas, connecting producing regions such as the Gulf of Mexico and the Mediterranean Sea to major consumer markets in Europe and North America. However, pipeline networks face numerous challenges, including cybercrimes, threats from military adversaries, oil smugglers, armed rebels, and political unrest.

Also, pipeline integrity services are vital for maintaining pipeline infrastructure and ensuring the safe and efficient transportation of petroleum products. Companies employ advanced technologies to detect and address potential issues. The gas segment is a significant contributor to the offshore pipelines market, with major projects underway in the Gulf of Mexico, the Mediterranean Sea, and other regions. Key players in the offshore pipelines market, focusing on the development of new transportation lines and export lines to meet growing energy needs. The offshore pipelines market is expected to expand as new gas fields are discovered and existing infrastructure is upgraded to meet the demands of various industries.

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The up stream segment was valued at USD 5.38 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

Europe is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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Green energy producers are increasingly focusing on the power generation sector, transitioning away from petroleum reliance. However, the market in Europe remains significant, driven by numerous projects in the North Sea. The investment underscores the continued importance of upstream players in the region, offering reve

Natural gas prices decreased across all major regions in 2023, as supply caught up to higher demand. In Japan, LNG sold for an average of 12.5 nominal U.S. dollars per million British thermal units. Meanwhile, the United States, as the largest natural gas producer worldwide, has significantly lower prices for the fossil fuel. The U.S. has had lower natural gas prices than Europe for much of the past four decades.

LNG on the rise LNG is expected to shape much of future natural gas trade. Although pipelines have been the preferred method of transportation for many decades, as Europe shifts away from Russia as its main gas supplier, LNG has become more in demand. The global LNG trade volume has already exceeded 500 billion cubic meters per year, and is expected to continue growing. Countries in Asia have some of the highest landed prices for liquefied natural gas worldwide.

Natural gas benchmarks Some of the most closely followed natural gas price benchmarks are the U.S. Henry Hub and the Dutch TTF. The former is an important indicator of the state of the natural gas industry in the U.S., while the latter reflects natural gas market developments in Europe and potential repercussions for consumers.

The size of the Denmark Oil and Natural Gas Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 0.70">> 0.70% during the forecast period. Oil and natural gas are fossil fuels formed from the remains of ancient marine organisms that were buried under layers of sediment and subjected to heat and pressure over millions of years. Oil, also known as petroleum, is a liquid hydrocarbon that can be refined into various products such as gasoline, diesel, and jet fuel. Natural gas, primarily composed of methane, is a gaseous hydrocarbon used for heating, electricity generation, and as a feedstock for chemicals. Both oil and natural gas are extracted from underground reservoirs through drilling. They are crucial energy sources, powering industries, transportation, and households worldwide. Recent developments include: September 2022: Petrochemicals group Ineos announced the development of an oil and gas field in Denmark. Ineos will develop the Solsort West field in the North Sea with Danoil and Nordsøfonden. The first oil and gas production is expected in the fourth quarter of 2023., March 2022: Energinet announced that the construction work on the Danish part of the Baltic Pipe has resumed after it was halted in May 2021 due to environmental issues. The pipeline is expected to run at a total capacity of up to 10 billion cubic meters from 1 January 2023.. Key drivers for this market are: 4., Increased Government Regulations for Greenhouse Gas Emissions 4.; Encouraging Production and Consumption of Renewable Aviation Fuel. Potential restraints include: 4., The High Costs of Renewable Aviation Fuel. Notable trends are: Upstream Operations to Dominate the Market.