Market Size of Australia Oil And Gas Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Market Volume (2024) | 150.03 Thousand barrels per day |
Market Volume (2029) | 121.12 Thousand barrels per day |
CAGR (2024 - 2029) | -4.19 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Australia Oil and Gas Market Analysis
The Australia Oil And Gas Market size is estimated at 150.03 Thousand barrels per day in 2024, and is expected to decline to 121.12 Thousand barrels per day by 2029.
- Over the medium term, factors such as increasing demand for natural gas and related infrastructural developments are expected to drive the Australian oil and gas market during the forecast period.
- However, the country's shift toward renewable energy, dropping refining capacity, and closure of crude oil refineries in Australia are expected to restrain the market during the forecast period.
- Nevertheless, digitalization in the oil and gas industry, including artificial intelligence (AI), machine learning, data analytics, big data, robotics, virtual reality (VR), and automation, is expected to create immense opportunities for Australia in the coming years.
Australia Oil and Gas Industry Segmentation
Oil and natural gas markets are major industries in the energy market and play an influential role in the global economy as the world's primary fuel source. The processes and systems involved in producing and distributing oil and gas are highly complex, capital-intensive, and require state-of-the-art technology.
The Australian oil and gas market is segmented by sector into upstream, midstream, and downstream. The market sizing and forecasts have been done based on volume (thousand barrels per day).
Australia Oil And Gas Market Size Summary
The Australian oil and gas industry is poised for a transformative period, driven by a growing demand for natural gas and significant infrastructural developments. Despite the country's strategic shift towards renewable energy sources, which poses challenges such as declining refining capacity and the closure of crude oil refineries, the market is expected to benefit from advancements in digital technologies. Innovations like artificial intelligence, machine learning, and automation are anticipated to create substantial opportunities, enhancing operational efficiencies and driving growth. The midstream sector, encompassing the transportation and storage of crude oil and natural gas, is expected to experience notable expansion, supported by extensive pipeline infrastructure and Australia's position as a leading exporter of liquefied natural gas (LNG).
Natural gas is becoming increasingly central to Australia's energy landscape, with rising production and consumption reflecting its role as a cleaner energy source. The government's commitment to enhancing the east coast gas market supply chain, alongside significant investments in pipeline projects, underscores the strategic importance of natural gas infrastructure. This focus on natural gas is further bolstered by industrial demand from sectors such as refining and petrochemicals, which are crucial for economic growth. The market landscape is moderately fragmented, with major players like Shell, TotalEnergies, Chevron, ExxonMobil, and BP actively participating. Recent developments, including strategic acquisitions and investments in pipeline projects, highlight the dynamic nature of the industry as it navigates the transition towards a more sustainable energy future.
Australia Oil And Gas Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Oil and Gas Reserves Status in Australia, 2022
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1.3 Australia Crude Oil and Natural Gas Production Forecast, until 2028
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1.4 Australia Refining Capacity and Forecast, until 2028
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1.5 Oil and Gas Industry Investment Trend
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1.6 Recent Trends and Developments
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1.7 Government Policies and Regulations
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1.8 Market Dynamics
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1.8.1 Drivers
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1.8.1.1 Increasing Natural Gas Demand
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1.8.1.2 Rising Pipeline Network and Associated Infrastructure Development
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1.8.2 Restraints
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1.8.2.1 Rising Shift toward Renewable Energy
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1.9 PESTLE Analysis
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2. MARKET SEGMENTATION BY SECTOR
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2.1 Upstream
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2.2 Midstream
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2.3 Downstream
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Australia Oil And Gas Market Size FAQs
What is the current Australia Oil And Gas Market size?
In 2024, the Australia Oil And Gas Market size is expected to reach 150.03 thousand barrels per day.
Who are the key players in Australia Oil And Gas Market?
TotalEnergies SE, Chevron Corporation, BP PLC, Shell PLC and ExxonMobil Corporation are the major companies operating in the Australia Oil And Gas Market.