The size of the North Sea Oil and Gas Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 2.00% during the forecast period. Recent developments include: In March 2021, United Kingdom became the first G7 country to be agreed on the deal to support the oil and gas industry's transition to clean, green energy, while supporting 40,000 jobs in the North Sea region. The deal between the government of the United Kingdom and the oil and gas sector industry is expected to support workers, businesses, and the supply chain through this transition by harnessing the industry's existing capabilities, infrastructure, and private investment potential to exploit new and emerging technologies such as hydrogen production, Carbon Capture Usage and Storage, offshore wind and decommissioning., In January 2021, Norwegian Petroleum Directorate announced that the authorities in Norway offered 30 companies with ownership interests in a total of 61 production licenses on the Norwegian Shelf in the Awards in Predefined Areas (APA ) 2020.,

Offshore Platforms

Fixed Platforms

Fixed Platforms

Transportation

Subsea Pipelines

Tankers

Services

Supply Vessels

Maintenance and Repair. Key drivers for this market are: 4., Growing Demand to Develop the Natural Gas Infrastructure4.; Increase in Offshore Oil and Gas Exploration and Production (E&P) Activities. Potential restraints include: 4., High Volatility of Oil and Gas Prices. Notable trends are: Increasing Investments in Gas Sector Expected to Drive the Market Demand.

Global Oil and Gas market size 2021 was recorded $6247.95 Billion whereas by the end of 2025 it will reach $7554 Billion. According to the author, by 2033 Oil and Gas market size will become $11042.2. Oil and Gas market will be growing at a CAGR of 4.86% during 2025 to 2033.

The size of the Norway Oil and Gas Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 7.50">> 7.50% during the forecast period. Recent developments include: In March 2021, Equinor announced that it would be spending about USD 1 billion together with Shell, Total, and ConocoPhillips for a plan to provide low-carbon electricity to the giant Troll field in the North Sea., In November 2021, Norway's state-controlled Equinor was expected to turn the Oseberg field on the Norwegian Continental Shelf from primarily being an oil asset into a gas producer under the development plan, In July 2021, Equinor, along with its license partners Source Energy AS and Wellesley Petroleum, announced the discovery of gas and condensate on the Norwegian continental shelf.. Key drivers for this market are: 4., Increasing Demand for Wood Pellets in Clean Energy Generation4.; Growing Wood Pellet Manufacturing Infrastructure. Potential restraints include: 4., The Adoption and Increasing Deployment of Alternative Renewable Energy. Notable trends are: The Upstream Sector to Dominate the Market.

Venezuela Midstream Oil and Gas Industry Outlook to 2021: Market Forecasts for Oil Storage, Pipelines and Gas Processing is a comprehensive report on midstream oil and gas industry in Venezuela. The report provides oil production, consumption and exports from 2000 to 2020. The report also provides natural gas production, consumption and imports from 2000 to 2020. It also provides historic oil and gas reserves for the period 2000 to 2015. Further, the report provides details such as name, type, operational status and operator for all active and planned (new build) oil storage terminals, major trunk pipelines and gas processing plants in Venezuela till 2021. Further, the report also offers recent developments and latest contracts awarded in the country’s midstream sector. Read More

Discover the dynamic landscape of the Mexican oil and gas industry. This comprehensive analysis explores market size, CAGR, and key trends from 2019-2033, highlighting growth opportunities and challenges within this evolving sector. Learn about Pemex's role, foreign investment, and the future of energy in Mexico. Recent developments include: In January 2021, Braskem Idesa announced that it had partially restored the operations at Etileno XXI polyethylene petrochemical complex, which was shut down in December 2020 due to natural gas supply cut by Cengas, a major natural gas system operator of Mexico. Braskem further stated that it had restarted operations in an experimental business model, complying with all the safety standards to reduce the impact on Mexico's plastics industry supply chain., In August 2021, Mexico's state power utility struck a deal with Canada's TC Energy Corp. to develop a natural gas pipeline in the country's south and consolidate the firm's contracts in the central region.. Notable trends are: Upstream Segment Expected to Witness Significant Growth.

The gas and LNG market is forecast to be the only sector within the oil and gas industry to see an increase in investment volumes. In 2024, gas and LNG investments are expected to rise to *** billion U.S. dollars, up from *** billion U.S. dollars in 2021. The forecast comes in light of an energy supply crisis in late 2021, largely due to a gas shortage. A recent decision by the European Union to classify some gas as clean energy within it's Fit for 55 green transition package further cements how some governments continue to rely on this fossil fuel type while also stepping up reductions of coal and oil usage.

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The crude oil market has the potential to grow by 4781.60 million barrels during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 2.73%.

This crude oil market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by production area (onshore and offshore) and geography (APAC, North America, Europe, MEA, and South America). The report also offers information on several market vendors, including BP Plc, Chevron Corp., and ConocoPhillips Co., among others.

What will the Crude Oil Market Size be in 2021?

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Crude Oil Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing upstream investment is notably driving the crude oil market growth, although factors such as fluctuations in global crude oil prices may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the crude oil industry get your FREE report sample now.

      The rising energy demand across the world has prompted governments to explore untapped oil and gas resources in the upstream sector, using advanced technologies.
      The production of oil and natural gas is declining from many conventional oilfields. To overcome this issue, oil and gas operators are increasing investments in mature oil and gas fields.
      The adoption of unconventional exploration and production technologies in large shale deposits has widened opportunities for upstream oil and gas companies.
      The growing investments in the upstream oil and gas sector will significantly influence crude oil market growth over the forecast period.




      Technological development in the hydraulic fracturing process is aiding in the exploration and production of oil and gas from shale plays.
      The advances in the drilling technology and proppant placement in downhole wells increased hydrocarbon recovery from unconventional wells.
      Technological advances such as integration of the internet of things (IoT) for data acquisition, as well as the use of data analytics and machine learning, supports the efficiency of tools that is one of the key crude oil market trends.
      Real-time pressure data is crucial in crude oil production as it eliminates the over-fracturing issue.
      Automation of hydraulic fracturing optimizes the hydraulic fracturing method using algorithmic controls and supports enhanced well performance.

This crude oil market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Crude Oil Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

BP Plc
Chevron Corp.
ConocoPhillips Co.
Exxon Mobil Corp.
PetroChina Co. Ltd.
Petroleo Brasileiro SA
Qatar Petroleum
Rosneft Oil Co.
Royal Dutch Shell Plc
Saudi Arabian Oil Co.

The crude oil market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the crude oil market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Crude Oil Market?

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44% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for crude oil in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.

To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Production Area Segments in the Crude Oil Market?

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The crude oil market share growth by the onshore segment will be significant during the forecast period. In onshore exploration and production operations

The size of the Canada Oil and Gas Upstream Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 4.50">> 4.50% during the forecast period. Recent developments include: In January 2021, Chevron Canada, Equinor Canada, and BHP Petroleum (New Ventures) secured approvals from the Environment and Climate Change Minister to conduct drilling at three offshore drilling projects east of St. John's, Newfoundland, and Labrador. The companies have proposed operating offshore platforms like ships and helicopters to conduct exploration drilling and well testing.. Key drivers for this market are: 4., Declining Solar Panel Costs4.; Supportive Government Policies. Potential restraints include: 4., High Upfront Cost. Notable trends are: Offshore Segment to Witness Significant Growth.

Gabon Midstream Oil and Gas Industry Outlook to 2021: Market Forecasts for Oil Storage and Pipelines is a comprehensive report on midstream oil and gas industry in Gabon. The report provides oil production, consumption and exports from 2000 to 2020. The report also provides natural gas production and consumption from 2000 to 2020. It also provides historic oil and gas reserves for the period 2000 to 2015. Further, the report provides details such as name, type, operational status and operator for all active and planned (new build) oil storage terminals and major trunk pipelines in Gabon till 2021. Read More

The North Sea oil and gas industry, encompassing key players like Equinor ASA, Shell Plc, and BP Plc, is a mature yet dynamic market experiencing a period of transition. With a current market size estimated at $50 billion in 2025 (a reasonable estimation given a CAGR of >2% and considering typical market valuations for similar regions), the industry demonstrates sustained growth, projected to continue at a compound annual growth rate of over 2% through 2033. This growth is driven primarily by ongoing demand for natural gas in Europe, particularly amidst the energy crisis that has highlighted the critical need for reliable energy sources. Furthermore, strategic investments in improved oil recovery techniques and exploration of new reserves in less developed areas of the North Sea contribute to the market’s resilience. However, the industry faces significant headwinds, including stringent environmental regulations aimed at reducing carbon emissions and the increasing pressure to transition towards renewable energy sources. This regulatory pressure coupled with fluctuating oil and gas prices pose significant challenges to long-term profitability and investment planning. The geographical segmentation reveals varying market dynamics across the UK, Norway, Denmark, and the rest of the North Sea. Norway and the UK, with their established infrastructure and extensive reserves, represent the largest segments. Denmark, while a smaller player, is experiencing modest growth due to its ongoing investment in offshore wind and exploration activities. The "Rest of the Other Countries" segment, encompassing smaller players and less explored regions, holds potential for future development but faces higher exploration risk and infrastructural challenges. The competitive landscape is characterized by both large multinational corporations and smaller, independent operators. This competitive mix is resulting in mergers and acquisitions, strategic partnerships, and diversification strategies amongst operators seeking to navigate the complexities of this evolving energy market. This dynamic scenario requires companies to prioritize sustainable practices, adapt to changing regulatory environments, and invest in technologies that promote both profitability and environmental responsibility. Recent developments include: In March 2021, United Kingdom became the first G7 country to be agreed on the deal to support the oil and gas industry's transition to clean, green energy, while supporting 40,000 jobs in the North Sea region. The deal between the government of the United Kingdom and the oil and gas sector industry is expected to support workers, businesses, and the supply chain through this transition by harnessing the industry's existing capabilities, infrastructure, and private investment potential to exploit new and emerging technologies such as hydrogen production, Carbon Capture Usage and Storage, offshore wind and decommissioning., In January 2021, Norwegian Petroleum Directorate announced that the authorities in Norway offered 30 companies with ownership interests in a total of 61 production licenses on the Norwegian Shelf in the Awards in Predefined Areas (APA ) 2020.. Notable trends are: Increasing Investments in Gas Sector Expected to Drive the Market Demand.

The size of the Vietnam Oil and Gas Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 3.50">> 3.50% during the forecast period. Recent developments include: In November 2021, ExxonMobil decided to invest in the Ca Voi Xanh (Blue Whale) gas production project located off Vietnam's central coast. The company is ready with the FEED document and is currently working on the project's development plan. The field is estimated to have around 150 billion cubic meters in reserves. The construction is expected to start during the forecast period., In April 2021, Pharos, the UK-based exploration and production company, announced plans to start the exploration phase in Block-125 of Phu Khanh basin, Vietnam. The company is expected to explore two areas within the block. The first is a deep-water area, expected to hold 1 billion barrels (bbl) of crude oil. The second area is a shallow-water area with around 100-200 million bbls of oil.. Key drivers for this market are: Increasing Global Demand for Refined Petroleum Products4., Economic Growth and Industrialization. Potential restraints include: Environmental Concerns and Regulations. Notable trends are: Upstream Segment Expected to Witness Significant Growth.

According to a 2021 survey, the majority of investors believe that oil and gas companies should actively pursue growth in natural gas production. Some 21 percent of respondents absolutely agreed with a pursuit of greater natural gas output. By comparison, 11 percent of respondents absolutely or somewhat disagreed.

The size of the China Oil & Gas Upstream Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 3.00">> 3.00% during the forecast period. Recent developments include: In January 2022, Sinopec discovered a new oil and gas area with approximately 100 million tons of reserves in the Tarim Basin of northwest China's Xinjiang Uygur Autonomous Region. These latest reserves in Sinopec's Shunbei oil and gas field are estimated to provide 88 million tons of condensate oil and 290 billion cubic meters of natural gas., In June 2021, China National Petroleum Corporation (CNPC) announced the discovery of a new 1-billion-ton super-deep oil and gas area in the Tarim Basin in Northwest China's Xinjiang Uygur Autonomous Region. The discovered well is located in the Fuman Oilfield area, the main block for crude oil production in the Tarim Oilfield. Its drilling depth reached 8,470 meters, and the height of the test oil column hit 550 meters., In August 2021, PetroChina announced a massive shale oil discovery at the Gulong prospect in the area of the mature Daqing oilfield in northern China's Songliao Basin. The company detected 1.268 billion tons of oil in place (9.3 billion barrels).. 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: Offshore Segment to Dominate the Market.

Global oil and gas production companies have gone through significant turbulence for most of the period. Revenue started off in a downturn amid the pandemic and its accompanying lockdowns, primarily the industry's largest market, the transportation sector, was limited. This was quickly reversed as the economy opened and supply outpaced demand, causing prices to skyrocket. High prices, accompanied by swelling production, led to surging revenue. This was further amplified by Russia's invasion of Ukraine, which forced many countries to put sanctions on Russia. With countries scrambling to find new suppliers, prices continued to shoot up in 2022. Nonetheless, prices eventually cooled back down later in the period, but still remained well above pre-pandemic levels. Overall revenue has pushed up at a CAGR of 11.7% to $4.0 trillion through the end of 2025, including a slight 7.3% dip in 2025 alone. Profit also surged as purchase costs came down. Emerging markets in BRIC nations, Southeast Asia and Africa continue to drive growth because of rapid industrialization and population increases, heightening the need for crude oil, natural gas and related downstream products. Even so, the gradual shift toward renewable energy poses challenges for producers, as many countries have implemented regulations and incentives to promote clean energy use. Geopolitical tensions and the uncertainties stemming from the global pandemic underscore the importance of diversifying supply sources to ensure energy security. Overall, industry revenue is set to push down at a CAGR of 2.5% to $3.6 trillion through the end of 2030. The bulk of this period will be highlighted by more efforts in oil and gas exploration and production in emerging markets, potentially transforming these regions into major global producers. Established countries will take this time to upgrade their technology and infrastructure to make production more efficient to keep profitability steady. Even so, the excess supply of oil and gas, combined with the push for sustainability, will drive prices down, leading to revenue contractions.

The size of the Oil and Gas Industry in Norway market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 1.00">> 1.00% during the forecast period. Recent developments include: In March 2020, the Skogul field located in the central part of the Norwegian North Sea, operated by Aker BP had started production. The field is estimated to contain recoverable resources of 1.5 million standard cubic meters of oil (9.4 million bbls)., In December 2020, ConocoPhillips Skandinavia AS (operator) announced the discovery of a new oil discovery (wildcat well 6507/5-10 S) on the Slagugle prospect located 14 miles north-northeast of the Heidrun Field in the Norwegian Sea. The well is estimated to have 12 to 32 million standard cubic meters (Sm3) of recoverable oil equivalent., In February 2021, Equinor discovered hydrocarbons near the Troll field in the North Sea. The wells (wildcat well 31/1-2 S, and appraisal well 31/1-2 A) were drilled about 10 kilometers northwest of the Troll field in the North Sea and 130 kilometers northwest of Bergen. Both wells are estimated to have 7 to 11 million Sm3 of recoverable oil equivalent.. Key drivers for this market are: 4., Increasing Demand for Wood Pellets in Clean Energy Generation4.; Growing Wood Pellet Manufacturing Infrastructure. Potential restraints include: 4., The Adoption and Increasing Deployment of Alternative Renewable Energy. Notable trends are: Development of New Oilfields to Drive the Market.

The Nigeria oil and gas market attained a volume of 1.37 MMT in 2024. Rising indigenous participation and local content development, spurred by the country’s Petroleum Industry Act, attract private investments, boosting upstream output and infrastructure growth across marginal oil fields and gas processing zones. As a result, the market is expected to grow at a CAGR of 5.30% during the forecast period of 2025-2034 to reach a volume of 2.30 MMT by 2034.

The Nigerian market is continuously growing due to renewed investments, reforms initiated by the government, and rising global interest. The Petroleum Industry Act (PIA), enacted in 2021, has been a major turning point, streamlining governance and providing fiscal clarity to attract further foreign investments. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country recorded over USD 10 billion in new oil and gas investments by mid-2024, indicating the significant growth in the market.

Moreover, the Nigerian National Petroleum Company Limited (NNPCL) has transitioned into a fully commercial entity. This move, completed in July 2022, has opened up several opportunities for strategic partnerships, notably with Daewoo and ENI, to expand refinery capacity and optimise liquefied natural gas (LNG) output, thereby accelerating the Nigeria oil and gas market development. As a result, the country’s oil production, which dipped to 1.2 million barrels per day in 2022 due to pipeline vandalism and theft, is rebounding with a target of 1.7 million barrels per day in 2025.

Additionally, the Decade of Gas initiative, launched by the government, aims to leverage the country’s 206 trillion cubic feet of proven gas reserves for industrial and export purposes. This has been another key motivator of the Nigeria oil and gas market growth. The Nigeria-Morocco Gas Pipeline, a USD 25 billion project, has garnered further support from ECOWAS, reinforcing Nigeria’s ambition to become West Africa’s gas powerhouse.

Chile Midstream Oil and Gas Industry Outlook to 2021: Market Forecasts for Liquefied Natural Gas (LNG), Oil Storage, Pipelines and Gas Processing is a comprehensive report on midstream oil and gas industry in Chile. The report provides oil consumption and imports from 2000 to 2020. The report also provides natural gas production, consumption and imports from 2000 to 2020. It also provides historic oil and gas reserves for the period 2000 to 2015. Further, the report provides details such as name, type, operational status and operator for all active and planned (new build) LNG terminals, oil storage terminals, major trunk pipelines and gas processing plants in Chile till 2021. The report also offers recent developments, financial deals as well as latest contracts awarded in the country’s midstream sector. Read More

Discover the booming Norway oil and gas industry forecast to 2033. Explore market size, growth drivers, key players (Equinor, Aker BP, Shell), challenges, and future trends. Learn about the upstream, midstream, and downstream segments in this comprehensive market analysis. Recent developments include: In March 2021, Equinor announced that it would be spending about USD 1 billion together with Shell, Total, and ConocoPhillips for a plan to provide low-carbon electricity to the giant Troll field in the North Sea., In November 2021, Norway's state-controlled Equinor was expected to turn the Oseberg field on the Norwegian Continental Shelf from primarily being an oil asset into a gas producer under the development plan, In July 2021, Equinor, along with its license partners Source Energy AS and Wellesley Petroleum, announced the discovery of gas and condensate on the Norwegian continental shelf.. Notable trends are: The Upstream Sector to Dominate the Market.

The Brazil oil & gas market is estimated to expand at a robust CAGR during the forecast period 2021-2028. The growth of market is attributed to increasing oil & gas activities in the country such as storage and transportation of Brazils’ oil & gas industry, oil & gas pipeline, and storage tanks for petroleum based products.

Natural Gas trading with neighboring countries has risen exponentially and can be considered one of the factors driving the market. However Brazil shows a dynamic change in the demand for renewable source of power generation which possess a colossal threat for the oil and gas midstream industry which in-turn restrain the pipeline expansion and installation for many years. With the growing development in the pipeline infrastructure, the oilfields in onshore and offshore region are expected to show great potential in the coming years.



It is estimated that the demand for oil has risen considerably to three million barrels per day, and same is expected for gas around 80 billion cubic meters by 2040 in Brazil. To break even with the rising demand of oil and gas in Brazil the pipeline capacities and pipeline projected is anticipated to expand and get approved which is estimated to offer immense opportunities for the market player in the future.



Several pipelines presently spread across the country transport natural gas, while there are very few which carry crude oil or any other petroleum products. Growing demand for the crude oil in the country is estimated to boost the market during the projected period.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for consumption of natural gas is expected to boost the market during the forecast period.


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The size of the Drill Bit Oil and Gas Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 6.50">> 6.50% during the forecast period. Recent developments include: In January 2022, the Chinese state-owned national oil company CNOOC Ltd planned to drill 227 offshore exploration wells and 132 onshore unconventional exploration wells and acquire about 17,000 sq km of 3D seismic data. In China, thirteen new projects are expected to come online in 2022, including the Bozhong 29-6 oil field development, Kenli 6-1 oilfield Block 5-1, 5-2, 6-1 development, Enping 15-1/10-2/15-2/20-4 joint development, and Shenfu South gas field development. Other projects include Liza Phase II in Guyana and 3M (MDA, MBH, MAC) in Indonesia. CNOOC's total capital expenditure for 2022 is budgeted to be around CNY 90-100 billion. The capital expenditures for exploration, development, production, and others will account for about 20%, 57%, 21%, and 2% of total capital expenditures, respectively., In March 2021, Saudi Aramco planned to increase its capital expenditure in the upstream sector to around USD 35 billion in 2021 from USD 27 billion in 2020. Such a scenario in 2021 had a positive impact on the market studied.. Key drivers for this market are: 4., Increasing Production from Unconventional Sources4.; Growing Energy Demand in the Region. Potential restraints include: 4., Environmental Concerns. Notable trends are: Fixed Cutter Bits to Dominate the Market.