Australia Oil and Gas Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Australia Oil and Gas Market is expected to grow at a CAGR of around 3% over the forecast period of 2021-2026. The COVID-19 outbreak has negatively impacted the oil and gas operation in the country owing to the lower prices in the global market and the sudden decline of demand globally. The planned investments in the upstream and midstream sectors, especially in gas (LNG) in the past decade led Australia to be the largest LNG exporter globally in 2020. However, the country’s shift toward renewable energy, dropping refining capacity and closure of crude oil refinery in Australia, is expected to restrain the market during the forecast period.
Key HighlightsThe Australia oil and gas market is moderately fragmented. Some of the major companies include Royal Dutch Shell PLC, TotalEnergies SE, Chevron Corporation, Exxon Mobil Corporation, BP PLCand others.
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