logo

Australia Oil and Gas Upstream Market Size (2024 - 2029)

The Australian oil and gas upstream market is anticipated to experience growth, driven by a substantial proven hydrocarbon resource base and stable government regulations. Despite the negative impact of the COVID-19 pandemic, which led to a decline in upstream activities due to economic challenges, the market is expected to recover as restrictions are lifted. The offshore segment is projected to lead the market, offering potential opportunities for future commercial production. However, the market's expansion may be constrained by the volatility of crude oil prices, higher production costs from unconventional resources, and the country's transition towards renewable energy sources.

Home Market Analysis Energy & Power Research Oil and Gas Research Upstream Research Australia Oil and Gas Upstream Industry Market Size

Market Size of Australia Oil and Gas Upstream Industry

Australia Oil and Gas Upstream Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 2.00 %
Market Concentration Medium

Major Players

rd-img

*Disclaimer: Major Players sorted in no particular order

Australia Oil and Gas Upstream Market Analysis

The Australian oil and gas upstream market is expected to record a CAGR of more than 2% during the forecast period (2022-2027). The COVID-19 outbreak affected the market negatively, causing a global decline in the demand for crude oil and a crashing of oil prices worldwide. These factors led to a decline in upstream activities due to economic unfeasibility. The market is expected to recover once the restrictions imposed to contain the pandemic are lifted. Factors such as a large proven hydrocarbon resource base and stability of government regulations are likely to drive the market during the forecast period. However, the volatility of crude oil prices and higher production costs from unconventional resources are likely to restrain the market's growth during the forecast period.

  • The offshore segment is expected to dominate the market during the forecast period.
  • Australia has about 2.4 thousand million barrels of total proven oil reserves, which can be exploited in the future for commercial production. This factor is likely to present opportunities for the players in the Australian oil and gas upstream market.
  • The country's shift toward renewable energy sources is likely to restrain the market during the forecast period.

Australia Oil and Gas Upstream Industry Segmentation

The scope of the Australian oil and gas upstream market report includes:

Need A Different Region Or Segment?
Customize Now

Australia Oil and Gas Upstream Market Size Summary

The Australian oil and gas upstream market is poised for moderate growth, driven by a substantial proven hydrocarbon resource base and stable government regulations. Despite the initial setbacks caused by the COVID-19 pandemic, which led to a global decline in crude oil demand and prices, the market is expected to recover as restrictions ease. The offshore segment is anticipated to dominate the market, with significant contributions from offshore fields that account for a major portion of the country's petroleum production. However, the market faces challenges such as crude oil price volatility and high production costs from unconventional resources. The government's support for offshore exploration and production, along with regulatory enhancements, is expected to bolster the market's prospects.

Simultaneously, the shift towards renewable energy sources in Australia poses a potential restraint on the oil and gas upstream market. The rapid growth of solar and wind energy, supported by government incentives, reflects a broader trend towards sustainability that could impact fossil fuel dependency. Despite the higher costs associated with renewable energy, its competitive pricing and environmental benefits are driving its adoption. This transition is likely to continue influencing the market dynamics, as Australia balances its energy portfolio between traditional fossil fuels and emerging renewable sources. The market remains moderately consolidated, with major players like Shell, Chevron, BP, ExxonMobil, and Woodside Petroleum actively participating in both traditional and innovative energy solutions.

Explore More

Australia Oil and Gas Upstream Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Introduction

    2. 1.2 Australia Crude Oil and Natural Gas Production Forecast, Until 2027

    3. 1.3 Active Rig Count Historic Trend in Australia

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION - BY LOCATION OF DEPLOYMENT

    1. 2.1 Onshore

    2. 2.2 Offshore

Australia Oil and Gas Upstream Market Size FAQs

The Australia Oil and Gas Upstream Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)

Chevron Corporation, ExxonMobil Corporation, Woodside Petroleum Ltd, BP PLC and Shell PLC are the major companies operating in the Australia Oil and Gas Upstream Market.

Oil and Gas Upstream Market in Australia Report Snapshots

Australia Oil and Gas Upstream Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)