East Africa Oil and Gas Upstream Market Size (2024 - 2029)

The East Africa oil and gas upstream market is projected to experience growth over the forecast period, driven by increased production and consumption in the region. Despite challenges posed by political instability in countries like South Sudan and Somalia, the market has rebounded to pre-pandemic levels. The expansion of exploration projects presents opportunities for market participants, with Kenya anticipated to lead the market due to significant investments in its oil industry.

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Market Size of East Africa Oil and Gas Upstream Industry

East Africa Oil and Gas Upstream Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 3.00 %
Market Concentration Medium

Major Players

East Africa Oil and Gas Upstream Market Major Players

*Disclaimer: Major Players sorted in no particular order

East Africa Oil and Gas Upstream Market Analysis

East Africa's oil and gas upstream market is expected to record a CAGR of more than 3% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Currently, the market has reached pre-pandemic levels.

  • Over the medium term, increasing production and consumption of oil and gas in the region are expected to boost East Africa's oil and gas upstream market during the forecast period.
  • On the other hand, instability in East African countries like South Sudan and Somalia may impede growth in the oil and gas sector in the region.
  • However, an increasing number of exploration projects across the region are expected to act as an opportunity for the market players.
  • Kenya is expected to dominate the market during the forecast period due to the rising investment in the oil industry.

East Africa Oil and Gas Upstream Industry Segmentation

The upstream segment of the oil and gas industry contains exploration activities, including creating geological surveys and obtaining land rights, and production activities, including onshore and offshore drilling.

The East African oil and gas upstream market is segmented by location and geography. By location, the market is segmented into onshore and offshore. The report also covers the forecasts for the oil and gas upstream market in major countries across the region. For geography, the market sizing and forecast have been done based on crude oil production forecasts (thousand barrels per day) and natural gas production forecasts (billion cubic feet per day).

Location
Onshore
Offshore
Geography
Tanzania
Mozambique
Kenya
Rest of East Africa
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East Africa Oil and Gas Upstream Market Size Summary

The East Africa oil and gas upstream market is poised for growth, driven by increasing production and consumption of oil and gas in the region. Despite the challenges posed by political instability in countries like South Sudan and Somalia, the market is expected to benefit from a surge in exploration projects. Kenya is anticipated to lead the market due to significant investments in its oil industry. The onshore segment, which has historically accounted for a substantial portion of the region's production, is expected to continue its dominance. This is supported by efforts from East African nations to enhance production through new discoveries and existing fields.

The market's recovery from the impacts of the COVID-19 pandemic and previous crude oil price crashes is evident in the rising number of final investment decisions and increased exploration activities. Countries like Kenya and Uganda are witnessing a ramp-up in crude oil production, supported by investments from international oil companies. The East African market is moderately consolidated, with major players such as the National Oil Corporation of Kenya, Equinor ASA, and ExxonMobil Corporation actively participating. Additionally, significant projects, such as Mozambique's first offshore project and Tanzania's LNG export project, highlight the region's potential for growth in the oil and gas sector.

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East Africa Oil and Gas Upstream Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Oil Production Forecast in thousand barrels per day, till 2027

    3. 1.3 Natural Gas Production Forecast in billion cubic feet per day, till 2027

    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

    1. 2.1 Location

      1. 2.1.1 Onshore

      2. 2.1.2 Offshore

    2. 2.2 Geography

      1. 2.2.1 Tanzania

      2. 2.2.2 Mozambique

      3. 2.2.3 Kenya

      4. 2.2.4 Rest of East Africa

East Africa Oil and Gas Upstream Market Size FAQs

The East Africa Oil and Gas Upstream Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

National Oil Corporation of Kenya, Equinor ASA, Exxon Mobil Corporation, PanAfrican Energy Tanzania Ltd and China National Petroleum Corporation are the major companies operating in the East Africa Oil and Gas Upstream Market.

East Africa Oil and Gas Upstream Market Report Snapshots

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