Indonesia Oil and Gas Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Indonesian oil and gas market is expected to witness a CAGR of more than 5% during the forecast period, 2022-2027. The COVID-19 pandemic negatively affected all the sectors of the market. The pandemic caused a decline in demand for petroleum products leading to a crash in prices, making the oil and gas activities economically unfeasible. The market is expected to recover once the restriction imposed to control the pandemic are removed and demand for petroleum rises. In terms of the growth of the market, factors such as increasing demand for petroleum products due to the growth of the local economy coupled with government initiatives to boost the production of crude oil and natural gas are likely to drive the market. However, the high volatility of crude oil prices due to many factors and the increasing adoption of renewable energy may restrain the market.
Key HighlightsThe Indonesian Oil and Gas Market is moderately consolidated. Some of the major players involved in the market include Shell PLC, BP PLC, China National Offshore Oil Corporation, PT Pertamina, and Chevron Corporation.
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