Published: 2023 February 15

Oil & Gas Upstream Market

SKU : EP569
180 pages
Report Summary
Table of Content

Oil & Gas Upstream Market is segmented By Raw (Crude oil, Natural Gas, Others), By Production site (Onshore, Offshore), By Drilling Technology (Conventional, Unconventional), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

Report analyses the Global Oil & Gas Upstream Market size, shares, recent trends, competitive intelligence, and future market outlook. Demand from Oil production and Mining in North America is rising. Competitive rivalry intensifies with Saudi Aramco, Gazprom, ExxonMobil and others operating in the market

Oil & Gas Upstream Market Scope and Summary



Market CAGR


Segments Covered

By Raw, By Production Site, By Drilling Technology, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America


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Oil & Gas Upstream Market Overview

  • The upstream oil and gas market is also called Exploration and Production (E&P) sector. The upstream oil & gas market encompasses activities related to searching for, recovering, and producing crude oil and natural gas.

  • The upstream market consists of public as well as private companies. Companies that operate only in the upstream segment are called ‘Independents.’ Companies that work in all three parts are called integrated oil companies (IOCs). The upstream Industry is heavily dependent on oilfield services.

  • Although demand for oil & gas is increasing steadily, Global oil reserves have not increased in recent years.

Oil & Gas Upstream Market Dynamics and Trends

  • Declining investments in Oil and gas explorations will further affect the growth in the market over the forecast period to 2026.

  • Increasing environmental concerns will impact the industry in the long term. After the 2016 Paris agreement, World Bank announced it would no longer finance upstream oil & gas after 2019.

  • The upstream market is highly regulated and impacted by global politics.

  • Neither Nuclear nor solar nor wind has made oil & gas unnecessary. So only oil & gas price fluctuations in the global market are what matter.

Oil & Gas Upstream Market Segmentation Analysis

  • Global Upstream, oil & gas market, can be segmented by Resource type, production site, and drilling technology.

  • By resource type, the market can be segmented into crude oil & natural gas. Although crude oil reserve often contains some natural gas in it. There are reserves for natural gas also.

  • Based on the production site, the market can be segmented into onshore & offshore. The on-shore upstream oil market segment accounted for the largest share globally, due to increased investments in coastal oil explorations.

Oil & Gas Upstream Market Trends

  • Based on drilling technology, the upstream oil & gas market can be segmented into Conventional & Unconventional drilling. Conventional technology includes traditional vertical drilling technology.

  • Although it is cheaper than non-conventional, it has limitations. Unconventional drilling technology comprises horizontal drilling, multilateral drilling, extended-reach drilling, and complex path drilling.

  • Unconventional drilling technologies are becoming less expensive over time. Horizontal drilling has gained popularity due to shale oil production.

  • A horizontal well is generally more expensive to drill than a vertical well, but it produces more crude oil and natural gas.

  • In 2016, hydraulically fractured horizontal wells accounted for 69% of all oil and natural gas wells drilled in the United States. Horizontal drilling is used for drilling in harsher conditions.

Oil & Gas Upstream Market Regional Analysis

  • Based on the region, the market can be segmented into the Middle East, North America, Europe & CIS, Africa, Asia-Pacific, and Central and South America.

  • North America is the leading region in the upstream oil and gas market mainly due to higher capital expenditures in North America and investment in shale oil production using unconventional drilling technologies.

  • The Middle East and African Oil & gas upstream market are declined mainly due to the price drop in oil products globally.

Oil & Gas Upstream Market Companies and Competition Analysis

  • A good number of prominent companies are government-owned. Major players in the upstream oil & gas market are Saudi Aramco, Gazprom, ExxonMobil, Rosneft, PetroChina, BP, Sinopec, Royal Dutch Shell, Total S.A, and Chevron.

  • Some of the Independent energy & power companies, are Carrizo Oil & Gas Inc, Laredo Petroleum, Newfield Exploration, Matador Resources, and Devon Energy.

  • In the extended downturn from 2014 to 2017, upstream companies have reduced costs. If unconventional drilling technologies get cheaper, the influence of Gulf countries on oil production might diminish in the coming years.

The Scope of the Report

  • The report covers the key factors impacting the market, Porter 5 Forces, Product Benchmarking, and company profiles.

  • The oil and Gas Upstream Market is segmented By Product (Crude Oil, Natural Gas), others (oil sands, shale oil, etc.)), production site (Onshore, Off-shore), By Drilling Technology (Conventional (Vertical Drilling), Unconventional (Horizontal Drilling, Others).

  • Based on geography the market is segmented into the Middle East and Africa, North America, South America, Europe, and the Asia Pacific.


Frequently Asked Questions

What is the Projected CAGR value of the Tissue Level implant Market?

Oil & Gas Upstream Market is expected to grow at a High CAGR during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Oil & Gas Upstream Market during 2022-2029

Which is the fastest growing region in the Oil & Gas Upstream Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period.


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