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Libya Oil and Gas Upstream Market Size, Share & Growth Report 2031
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Libya Oil and Gas Upstream Market Size, Share & Growth Report 2031

Segments - Libya Oil and Gas Upstream Market by Locations (Onshore and Offshore) and Country (Libya) - Libya Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Raksha Sharma
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Fact-checked by : V. Chandola
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Editor : Swapnil Hedau

Upcoming | Report ID :EP-1841 | 4.8 Rating | 80 Reviews | 193 Pages | Format : PDF Excel PPT

Report Description


Libya Oil and Gas Upstream Market Outlook 2031

The Libya oil and gas upstream market size was valued at USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 5% during the forecast period, 2023–2031. The growth of the market is attributed to rising number of exploration projects along with increasing production of oil and gas.

Upstream is a term for operations stages in the oil and gas industry. Oil and gas companies can be divided into three segments that include upstream, midstream, and downstream. Upstream companies can involve in lifecycle of these operations of the oil and gas industry.

Libya Oil and Gas Upstream Market Outlook

Upstream firms deal primarily with the exploration through extraction of resources and initial production stages of the oil and gas industry. Another name for the upstream oil sector, which is more accurate of what occurs in this stage of development of an oil asset and natural gas asset, is the exploration and production (E&P) sector. The exploration activities include creating geological surveys and obtaining land rights.

The production activities include onshore and offshore drilling. Upstream oil and gas production and operations identify deposits, drill wells, and recover raw materials from underground and are involved in the exploration and extraction.

Drilling methods vary depending on type of oil or gas and the geology of the location. Many of those employed in the upstream part of the industry include geologists, geophysicists, service rig operators, engineering firms, scientists, and seismic and drilling contractors.

  • Increasing number of reservoirs in the oil and gas industry is one of the key factors boosting the market growth.
  • The emergence of new business models and services is expected to propel the market growth during the forecast period.
  • Oil extraction is considerably more profitable due to its higher market price relative to the dry natural gas price, which is expected to propel the market growth during the forecast period.
  • The National Oil Corporation (NOC) stated that it is planning to increase the country's oil production from the existing fields to over 2 million bpd by 2023. This, in turn, is expected to boost the market growth in the projected timeline.
  • Oil and gas upstream industry is highly capital-intensive, regulated, and risk , which can hamper the market growth during the forecast period.
  •  Rising risk of safety and environmental issues can impede the market growth in the coming years.
  • The COVID-19 pandemic had resulted in the closedown of mining facilities. This, in turn, had negatively impacted the market growth. However, the decreasing coronavirus cases is expected to stimulate the growth of the market.
  • Growing R&D investment, ongoing technological advancements, and the prospects of the civil war ending in the Libya is expected to create lucrative opportunities for new entrants and emerging players during the forecast period.

Scope of Libya Oil and Gas Upstream Market Report

The report on the Libya oil and gas upstream market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Oil and Gas Upstream Market - Libya Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Locations (Onshore and Offshore)

Geographic Zone

Libya

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

BP PLC; Eni SpA, National Oil Corporation, PJSC Gazprom, and Polskie Gornictwo Naftowe i Gazownictwo (PGNiG) SA.

Libya Oil and Gas Upstream Market Segment Insights

Locations Segment Analysis

In terms of locations, the market is bifurcated into onshore and offshore. The onshore segment is expected to dominate the market share during the forecast period owing to rising number of upcoming onshore projects in the country. Oil grade is of excellent quality and requires a low level of refining maintenance and equipment during onshore exploration.

The oil production in the country has increased by 1.6%, from 32.2 million metric ton in 2017 to 32.7 million metric ton in 2018. On the other hand, the offshore segment is expected to grow at a steady rate during the forecast period. Increasing government support to explore the offshores and increasing investment of major companies are anticipated to propel the growth of the market segment.

Libya Oil and Gas Upstream Market Locations

Segments

The Libya oil and gas upstream market has been segmented on the basis of

Locations

  • Onshore
  • Offshore

Country

  • Libya

Key Players

  • BP PLC
  • National Oil Corporation
  • Eni S.P.A.
  • PJSC Gazprom
  • Polskie Gornictwo Naftowe i Gazownictwo (PGNiG) SA.

Competitive Landscape

Key players competing in the Libya oil and gas upstream market include BP PLC; Eni SpA; National Oil Corporation; PJSC Gazprom; and Polskie Gornictwo Naftowe i Gazownictwo (PGNiG) SA.

The Libyan oil and gas upstream market is moderately consolidated. Companies are engaging in partnerships and mergers to expand their market share.

Libya Oil and Gas Upstream Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Oil and Gas Upstream Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Oil and Gas Upstream Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Oil and Gas Upstream Market - Supply Chain
  4.5. Global Oil and Gas Upstream Market Forecast
     4.5.1. Oil and Gas Upstream Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Oil and Gas Upstream Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Oil and Gas Upstream Market Absolute $ Opportunity
5. Global Oil and Gas Upstream Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Oil and Gas Upstream Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Oil and Gas Upstream Demand Share Forecast, 2019-2026
6. North America Oil and Gas Upstream Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Oil and Gas Upstream Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Oil and Gas Upstream Demand Share Forecast, 2019-2026
7. Latin America Oil and Gas Upstream Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Oil and Gas Upstream Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Oil and Gas Upstream Demand Share Forecast, 2019-2026
8. Europe Oil and Gas Upstream Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Oil and Gas Upstream Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Oil and Gas Upstream Demand Share Forecast, 2019-2026
9. Asia Pacific Oil and Gas Upstream Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Oil and Gas Upstream Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Oil and Gas Upstream Demand Share Forecast, 2019-2026
10. Middle East & Africa Oil and Gas Upstream Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Oil and Gas Upstream Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Oil and Gas Upstream Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Oil and Gas Upstream Market: Market Share Analysis
  11.2. Oil and Gas Upstream Distributors and Customers
  11.3. Oil and Gas Upstream Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. BP PLC
     11.4.2. Eni S.P.A.
     11.4.3. National Oil Corporation
     11.4.4. PJSC Gazprom
     11.4.5. Polskie Gornictwo Naftowe i Gazownictwo (PGNiG) SA.

Methodology

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