Hyderabad, Aug. 22, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Australia Oil and Gas Market Report (2023-2028)," the market is estimated at 156.59 thousand barrels per day in 2023. It is expected to register a CAGR of -4.19% during the forecast period.
Oil and natural gas are among the major industries in the energy market. They play an essential role in the global economy as they are the world’s primary fuel source. The methods involved in producing and distributing oil and gas are complex, require intensive capital, and require state-of-the-art technology.
Report Summary:
| Report Attribute | Details |
| Market Volume (2023) | 156.59 thousand barrels per day |
| Market Volume (2028) | 126.42 thousand barrels per day |
| CAGR (2023-2028) | -4.19% |
| Study Period | 2019-2028 |
| Forecast Units | Volume (thousand barrels per day) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The demand for natural gas and infrastructure developments. |
| The growth of digitalization in the oil and gas industry. |
Who are the Top Companies in the Australia Oil and Gas Market?
The market is fragmented in moderation. The companies in the market are using strategies like partnerships and capacity expansion to increase their market share.
The significant players in the Australian oil and gas market are,
- Shell PLC
- TotalEnergies SE
- Chevron Corporation
- ExxonMobil Corporation
- BP PLC
- Woodside Petroleum Limited
- BHP Group PLC
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Key Highlights from the Australia Oil and Gas Market Report:
Midstream Segment to Gain Maximum Demand
- The midstream segment of the oil and gas sector involves transporting and storing crude oil, natural gas, and refined products. Crude oil, natural gas liquid, and their products are transported from production sites to an offsite temporary storage site. Then, they are transported to a large storage hub for refining.
- Australia is a top exporter of liquified natural gas to countries like China, Japan, Malaysia, and South Korea.
Growing Demand for Natural Gas and Related Infrastructure
- The country is moving toward cleaner energy sources to reduce greenhouse gas emissions. These cleaner sources also include natural gas. The demand for natural gas is increasing in Australia as a primary energy source for cleaner energy.
- The Australian government is fueling the supply chain’s East Coat gas market. It is focused on unlocking supply, delivering efficient pipeline and transportation, and empowering customers of gas.
What are the Latest Developments in the Australia Oil and Gas Market?
- In March 2023, ConocoPhillips announced its plan to become the upstream operator of Australia Pacific LNG after EIG’s transaction with Origin Energy.
- In September 2022, Santos Ltd granted USD 300 million for a pipeline project that would create an additional connection to its liquefied natural gas facility in Darwin, Northern Australia.
Mordor Intelligence has Segmented the Australia Oil and Gas Market Based on Upstream, Midstream, and Downstream:
- By Upstream (Market Size and Forecast based on Volume (thousand barrels per day), 2019-2028)
- By Midstream (Market Size and Forecast based on Volume (thousand barrels per day), 2019-2028)
- By Downstream (Market Size and Forecast based on Volume (thousand barrels per day), 2019-2028)
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Australia Oil and Gas Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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