Norway Oil and Gas Upstream Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Norwegian oil and gas upstream market is expected to register a CAGR of more than 1% during the forecast period. The strain on oil demand and prices from the impact of the COVID-19 pandemic has led oil companies to lower exploration budgets and delay a number of exploration wells in 2020. The major factor driving the market is the increasing development of new oilfields in the country over the forecast period. However, the divestment of government funds from the upstream oil and gas sector can act as a restraining factor for the market growth.
Key HighlightsThe Norwegian oil and gas upstream market is partially consolidated. Some of the major companies operating in this market include Equinor ASA, Aker BP ASA, Total SA, ConocoPhillips, and Royal Dutch Shell PLC.
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