Market Size of United States Oil and Gas Upstream Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.30 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Oil & Gas Upstream Market Analysis
The United States oil and gas upstream market is estimated to be at 12.4 million barrels per day by the end of this year. It is projected to reach 13.8 million barrels per day in the next five years, registering a CAGR of 2.3% during the forecast period.
- Over the medium term, increasing deep-water activities offshore will likely drive the US oil and gas upstream market in the forecast period. A huge amount of proven reserves in the Gulf of Mexico is attracting more investment in the deep water sector.
- On the other hand, volatility in oil prices and comparatively higher production costs for unconventional resources are expected to hinder the growth of the US oil and gas upstream market.
- Nevertheless, the increasing number of activities and oil production from the Permian Basin in the United States is likely to create lucrative opportunities for the United States oil and gas upstream market.
US Oil & Gas Upstream Industry Segmentation
The oil and gas industry explains the stages of operations that entail exploration and production upstream. The oil and gas industry's exploration and early production stages are the main focus of upstream businesses.
The United States oil and gas market is segmented by location. By location, the market is segmented into onshore and offshore. Each segment's market sizing and forecasts are based on crude oil production (million barrels per day).
United States Oil and Gas Upstream Market Size Summary
The United States oil and gas upstream market is poised for moderate growth over the forecast period, driven by increasing deep-water activities and significant oil production from the Permian Basin. The Gulf of Mexico's proven reserves are attracting substantial investments in the deep-water sector, which is expected to be a key growth driver. However, challenges such as oil price volatility and higher production costs for unconventional resources may impede market expansion. Despite these challenges, the Permian Basin's burgeoning activities present lucrative opportunities for market participants, suggesting a balanced outlook for the industry.
The market landscape is characterized by a moderate level of fragmentation, with major players like Exxon Mobil Corporation, BP Plc, Royal Dutch Shell Plc, Total SA, and Chevron Corporation actively participating. Recent developments, such as Transocean's contracts for ultra-deepwater drillships and INEOS Energy's acquisition of Chesapeake's assets, underscore the dynamic nature of the market. These activities, along with strategic agreements to support natural gas development, highlight the ongoing investment and operational efforts that are likely to shape the US oil and gas upstream market in the coming years.
United States Oil and Gas Upstream 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 United States Crude Oil and Gas Production, Historic and Forecast, till 2028
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1.2.1 Crude Oil Production Forecast, in Million Barrel per Day
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1.2.2 Natural Gas Production Forecast, in Billion Cubic Feet
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1.3 Active Rig Count, By Location of Deployment, till 2022
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1.4 Active Rig Count, By Major States, till 2022
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1.5 Recent Trends and Developments
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1.6 Government Policies and Regulations
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1.7 Market Dynamics
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1.7.1 Drivers
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1.7.1.1 Reduction in the Cost of the Drilling Rigs
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1.7.1.2 Increasing Discovery of New Oil and Gas Fields Along with Rising Investment in the Sector
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1.7.2 Restraints
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1.7.2.1 Volatility in Oil Prices Along with Comparitively Higher Production Costs
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1.8 Key Upstream Projects
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1.9 Supply Chain Analysis
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1.10 PESTLE Analysis
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United States Oil and Gas Upstream Market Size FAQs
What is the current United States Oil and Gas Upstream Market size?
The United States Oil and Gas Upstream Market is projected to register a CAGR of 2.30% during the forecast period (2024-2029)
Who are the key players in United States Oil and Gas Upstream Market?
Exxon Mobil Corporation , B.P. plc , Chevron Corporation, Royal Dutch Shell Plc and Total SA are the major companies operating in the United States Oil and Gas Upstream Market.
