The Romania oil & gas upstream market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 1% during 2023–2031.The growth of the market is attributed to the rise in the consumption of natural gas.
Romania is Central and Eastern Europe's largest natural gas producer, with the majority of its output coming from onshore resources, and it is expected to dominate the market over the projection period. The market for oil and gas upstream in Romania has recently been driven by Romania's continuous oil and gas output. Romania is largely self-sufficient in natural gas, with imports averaging under 10-15% in recent years, and the country's Black Sea resources have the potential to transform it into a net exporter. In 2018, yearly consumption reached 10.9 megatonnes. As a result, in 2018, domestic production accounted for 33% of demand. Romania has a century of natural gas producing experience. New technology allows for unconventional drilling, which boosts oil and gas output. New business models and services are fast emergings, aiding in the reduction of upstream oil and gas operating costs, therefore encouraging market development.
Market Trends, Drivers, Restraints, and Opportunities
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Expansion of Romania's oil and gas upstream sector are contemporary advances in oil and gas exploration and production operations.
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Fluctuating oil prices and government regulations are likely to stifle market expansion.
Scope of the Report
The report on the Romania oil & gas upstream market includes an assessment of the market, trends, segments, and regional markets. 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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Romania Oil & Gas Upstream Market - Global 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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Location (Onshore and Offshore)
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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, SGS SA, Exxon Mobil Corporation, Romgaz SA, and Foraj Sonde SA Videle
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Market Segment Insights
Onshore segment is projected to account for a major market share
In terms of location, the Romania oil & gas upstream market is segregated into onshore and offshore. The onshore segment is expected to account for a key share of the market during the forecast period due to massive support from the government. Within Romania's Black Sea territorial seas, the Romanian government has issued a public tender for the exploration, development, and production of 22 onshore and six offshore blocks. Onshore oil and gas deposits number over 400, the majority of which are tiny and fragmented, necessitating the employment of specialist technology. The country with the most active wells in Europe is Romania.
The majority of Romania's oil comes from Black Sea platforms. Romania's oil reserves are held by the Romanian government. Concession agreements between economic agents and the National Agency for Mineral Resources, which are issued as a result of public auctions, are used for exploration and production.
Segments
The Romania oil & gas upstream market has been segmented on the basis of
Location
Key Players
- OMV Petrom SA
- SGS SA
- Exxon Mobil Corporation
- Romgaz SA
- Foraj Sonde SA Videle
Competitive Landscape
Key players competing in the Romania oil & gas upstream market include OMV Petrom SA, SGS SA, Exxon Mobil Corporation, Romgaz SA, and Foraj Sonde SA Videle.
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