Gulf of Mexico Oil and Gas Upstream Market Size (2024 - 2029)

The Gulf of Mexico oil and gas upstream market is anticipated to experience growth, driven by reduced drilling rig costs that have attracted investments in offshore activities. Despite the challenges posed by stringent regulations following incidents like the Deep Water Horizon accident, the market is expected to expand. The deep-water and ultra-deep-water sectors, which held a significant market share, are projected to continue their dominance. Additionally, new exploration and production opportunities, such as those from Cuba's recent licensing round, may further influence the market's expansion. The increasing number of offshore activities, due to shorter investment return periods, is also expected to contribute to the market's growth.

Home Market Analysis Energy & Power Research Oil and Gas Research Upstream Research Gulf of Mexico Oil and Gas Upstream Market Market Size

Market Size of Gulf of Mexico Oil and Gas Upstream Industry

Gulf of Mexico Oil and Gas Upstream- 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 High

Major Players

Gulf of Mexico Oil and Gas Upstream Market Major Players

*Disclaimer: Major Players sorted in no particular order

Gulf of Mexico Oil & Gas Upstream Market Analysis

The Gulf of Mexico oil and gas upstream market is expected to grow at a CAGR of over 2% during the forecast period of 2020-2025. Factors such as the reduction in the cost of the drilling rigs has attracted investments in offshore activities and is likely to drive the Gulf of Mexico oil and gas upstream market. However, accident such as Deep Water Horizon has imposed more strict regulations on the companies in the region which is expected to restain the Gulf of Mexico oil and gas upstream market.

  • The Deep-water and Ultra Deep-water due to more oil production held a significant market share in 2018, and it is likely to dominate the market during the forecast period.
  • In 2019, Cuba Petróleo Union of Cuba did its first license bidding round for exploration and production in the Gulf of Mexico, these activities may open several doors for the Cuban upstream market and is likely to create several opportunities in the Gulf of Mexico oil and gas upstream market.
  • The increase in the number of offshore activities due to less investment return period is likely to drive the Gulf of Mexico oil and gas upstream market.

Gulf of Mexico Oil & Gas Upstream Industry Segmentation

The Gulf of Mexico oil and gas upstream market report include:

Need A Different Region Or Segment?
Customize Now

Gulf of Mexico Oil and Gas Upstream Market Size Summary

The Gulf of Mexico oil and gas upstream market is poised for growth, driven by factors such as reduced drilling rig costs and increased offshore activities, which offer shorter investment return periods. Despite the challenges posed by stringent regulations following incidents like the Deep Water Horizon, the market is expected to expand. Deep-water and ultra deep-water activities are anticipated to dominate the market, as they contribute significantly to oil production in the region. The involvement of major companies like Chevron and Total in exploration and development projects further underscores the importance of these segments. Additionally, new opportunities are emerging with initiatives such as Cuba Petróleo Union's license bidding round, which could enhance the Cuban upstream market and create further prospects in the Gulf.

The United States plays a pivotal role in the Gulf of Mexico oil and gas upstream market, with offshore activities significantly contributing to its production. The shift from onshore to more profitable deep-water explorations highlights the strategic importance of this region for the United States. Projects like Royal Dutch Shell's Vito Project and Chevron's Anchor Project exemplify the ongoing investments and technological advancements in deep-water exploration. These developments, along with Total S.A's initiatives in offshore Louisiana, are expected to bolster the United States' dominance in the market. The market remains moderately consolidated, with key players including Exxon Mobil Corporation, Royal Dutch Shell Plc, Total S.A, Chevron Corporation, and Eni SpA, all of which are instrumental in shaping the future landscape of the Gulf of Mexico oil and gas upstream sector.

Explore More

Gulf of Mexico Oil and Gas Upstream Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Gulf of Mexico Oil and Gas Production Forecast, till 2025

      1. 1.2.1 Natural Gas Production, in Million Tons Oil Equivalent

      2. 1.2.2 Crude Oil Production, in Thousands Barrel per Day

    3. 1.3 Active Rig Count in Gulf of Mexico, 2019

    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 Porter's Five Force Analysis

      1. 1.8.1 Bargaining Power of Suppliers

      2. 1.8.2 Bargaining Power of Consumers

      3. 1.8.3 Threat of New Entrants

      4. 1.8.4 Threat of Substitutes Products and Services

      5. 1.8.5 Intensity of Competitive Rivalry

Gulf of Mexico Oil and Gas Upstream Market Size FAQs

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

Exxon Mobil Corporation , Royal Dutch Shell Plc, Total S.A and Chevron Corporation are the major companies operating in the Gulf of Mexico Oil and Gas Upstream Market.

Gulf of Mexico Oil and Gas Upstream Report Snapshots

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