Romania Oil & Gas Downstream Market Outlook 2031
The Romania Oil & Gas Downstream Market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 2% during the forecast period, 2023–2031.
The growth of the market is attributed to growing requirement of upgradation of the existing downstream infrastructure and rising investment in the refining and the petrochemical sectors. Moreover, increasing number of expansion projects in the country can stimulate he market growth.
Downstream operations are the processes that are involved in converting oil & gas into the finished product. This includes refining crude oil into gasoline, natural gas liquids, diesel, and a variety of other energy sources. The downstream operation is the final stage of the process and refers to the refining, processing and purifying of crude oil and natural gas.
The downstream sector also encompasses the efforts that are made to market and distribute crude oil and natural gas related products. Gasoline, natural gas, liquid fuel and oil biofuels are the byproducts of oil and gas. Romania has proven natural gas reserves of 726 billion cubic meters (25.94 trillion cubic feet) and is ranked 30th among countries with proved reserves of natural gas. About 75% of Romania's natural gas resources are located in Transylvania, especially in Mure? and Sibiu counties.
Romania Oil & Gas Downstream Market Trends, Drivers, Restraints, and Opportunities
- Increasing number of government policies and investments for the oil & gas industry is anticipated to contribute to the growth of the Romania oil & gas downstream market.
- Growing number of oil & gas petrochemical facilities owing to increasing foreign investments is expected to propel the growth of the market.
- Decreasing oil processing capacity from 35 million tons in 2000 to 13.5 million tons in 2018, due to lack of oil and gas processing infrastructure in the country can restraint the market growth.
- Rapid growth in the renewable energy industry in the country owing to government incentives can create challenges for the market in the coming years.
- The outbreak of COVID-19 has negatively impacted the Romanian oil & gas market.. Amidst the pandemic, mining operations were halted to mitigate the spread of coronavirus. Nevertheless, the recovery of the global market is expected to help the market in the country to reach the pre-COVID levels.
- Rising trend of digitalization and modernization in the refining and petrochemical sectors are expected to reduce the refining costs and process losses, fueling the market growth.
Scope of The Romania Oil & Gas Downstream Market
The report on the Romania oil & gas downstream market includes an assessment of the market, trends, segments. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Oil & Gas Downstream Market - Romania Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product Types (Refineries and Petrochemical Plants)
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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OMV Petrom SA, Rompetrol SA, Lukoil Oil Company, Serinus Energy Company, and Total SA.
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Romania oil & gas downstream Market Segment Insights
The Romania oil & gas downstream Market Segment is based on product types of refineries and petrochemical plants.
Refineries segment to account a major market share
The refineries segment is anticipated to grow at a rapid pace owing to the increasing production of gas and oil in the country. This is attributed to increasing refinery capacity of the oil & gas facilities.
For instance, in September 2019, KazMunaiGas International (KMGI) announced that they are planning to double the production capacity at the Petromidia Refinery. The investment for the expansion of refinery is expected to be around USD 2 billion and the capacity is expected to be reach around 10 million tons per year.
Petrochemical plants segment to grow at a rapid pace
The petrochemical plants segment is expected to grow at a rapid pace during the forecast period. In 2020, this segment accounted for a significant market share owing to the government plan to expand its petrochemical industry in the coming years. This growth can be attributed to the growing population in the country and improvement in the living standards of the country.
Even though the renewable energy industry is gaining high traction around the country, the petroleum industry is anticipated to remain a major energy source in the projected timeline. This trend is expected to continue for the next few decades and benefit the segment.
Segments
The Romania oil & gas downstream Market has been segmented based on
Product Types
- Refineries
- Petrochemical Plants
Country
Key Players
Competitive Landscape
The major players of the market are OMV Petrom SA, Rompetrol SA, Lukoil Oil Company, Serinus Energy Company, and Total SA. Companies are focusing on acquisitions & partnerships to expand their market share.
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