Australia Oil and Gas Market Size, Share, and COVID-19 Impact Analysis, By Type (Upstream, Midstream, and Downstream), By Application (Offshore and Onshore), and Australia Oil and Gas Market Insights, Industry Trend, Forecasts to 2033.

Australia Oil and Gas Market Insights Forecasts to 2033

• The Australia Oil and Gas Market Size is Growing at a CAGR of 6.67% from 2023 to 2033
• The Australia Oil and Gas Market Size is Expected to Hold a Significant Share by 2033

The Australia Oil and Gas Market is Expected to Hold a Significant Share by 2033, growing at a CAGR of 6.67% from 2023 to 2033. Increasingly, the oil and gas market are being driven by the adoption of cost-cutting and efficiency-enhancing techniques.

Market Overview

The industry that deals with the discovery, extraction, production, distribution, and use of natural gas and petroleum resources is known as the "Australia oil and gas market." Oil and gas exploration, drilling, refining, and transportation are all included in the Australia oil and gas market, which encompasses both onshore and offshore activities. Domestic demand, international energy costs, legal frameworks, and environmental requirements all have an impact on it. The Australia oil and gas market is important to Australia's economy due to the country's large exports of crude oil and liquefied natural gas (LNG). Rapid technical improvements, government rules and regulations, exploration and production investment, expanding infrastructure construction activities, export markets, international trade agreements, and rising energy consumption are the main factors driving the industry. The oil and gas sector benefits from increased demand for natural gas brought on by the growth of the oil and gas market and the creation of novel extraction techniques like shale gas.

Report Coverage

This research report categorizes the market for the Australia oil and gas market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Australia oil and gas market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Australia oil and gas market.  

Driving Factors

AI-powered automation promotes more economical and environmentally friendly practices across the board by streamlining processes, improving productivity, and reducing human error. Australia's strong expansion in natural gas production, boosted by large-scale infrastructure development projects, has been a major factor driving the Australia oil and gas market. The oil and gas sector is concentrating more on the unrealized potential in far-flung regions, which is driving a lot of exploration and production efforts. Through the reduction of waste and energy consumption, the integration of these technologies enhances operations' environmental performance and increases economic efficiency. 

Restraining Factors

Rising competition from renewable energy sources, resource depletion, high exploration and production costs, changing oil prices, environmental laws, and limited local refining capacity are some of the issues that are restricting the Australian oil and gas market.  

Market Segmentation

The Australia oil and gas market share is classified into type and application.    

• The upstream segment accounted for the largest share of the Australia oil and gas market in 2023 and is anticipated to grow at a significant CAGR during the forecast period            

On the basis of type, the Australia oil and gas market is divided into upstream, midstream, and downstream. Among these, the upstream segment accounted for the largest share of the Australia oil and gas market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The upstream sector covers natural gas and oil production, drilling, and exploration. The growth of Australia oil and gas market is driven by continued expenditures in offshore production and development, especially in LNG exports, with the rising demand for energy resources throughout the world.    

• The offshore products segment accounted for the largest share of the Australia oil and gas market in 2023 and is anticipated to grow at a significant CAGR during the forecast period       

On the basis of application, the Australia oil and gas market is divided into offshore and onshore. Among these, the offshore segment accounted for the largest share of the Australia oil and gas market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. Australia's substantial offshore oil and natural gas reserves, especially in areas like the Browse Basin and the Northwest Shelf, are the main cause of the offshore segment. Meeting local demand and facilitating significant exports, particularly of liquefied natural gas (LNG), is made possible by offshore production.  

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Australia oil and gas market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Shell PLC
• TotalEnergies SE
• BP PLC
• ExxonMobil Corporation
• Chevron Corporation
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In May 2024, Santos Limited and Hokkaido Gas Co., Ltd. have signed a legally binding, long-term LNG Supply and Purchase Agreement (SPA) for the supply of LNG from Santos' portfolio of top-tier LNG properties.

Market Segment

• This study forecasts revenue at Australia, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Australia oil and gas market based on the below-mentioned segments

Australia Oil and Gas Market, By Type

• Upstream
• Midstream
• Downstream

Australia Oil and Gas Market, By Application  

• Offshore
• Onshore