Romania Oil & Gas Upstream Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 1.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Romania Oil & Gas Upstream Market Analysis
The Romanian oil and gas upstream market is expected to register a CAGR of about 1% during the forecast period. Sustained growth in the consumption of natural gas, petroleum, petrochemical products, and modern developments of oil and gas exploration and production activities are the major drivers for the growth of the oil and gas upstream sector in Romania. However, volatile oil prices and government policies are expected to hinder the market growth during the forecast period.
- Romania is the largest natural gas producer in Central and Eastern Europe, and most of Romania's output is from the onshore fields, and it is likely to dominate the market during the forecast period.
- The innovation of new technologies allows unconventional drilling that enhances oil & gas production. New business models and services are rapidly evolving and assisting to reduce the cost of operations in upstream oil and gas, which in turn, is promoting the market's growth.
- The sustained production of oil and gas in the recent past was driving the market for oil and gas upstream in Romania.
Romania Oil & Gas Upstream Market Trends
This section covers the major market trends shaping the Romania Oil & Gas Upstream Market according to our research experts:
Onshore Segment to Dominate the Market
- The Romanian government launched a public tender for the exploration, development, and production operations of 22 onshore and six offshore blocks within Romania's territorial waters of the Black Sea.
- The onshore oil and gas market has about 400 deposits, most of them are small and fragmented, requiring the use of specialized technologies. Romania has the largest number of active wells in Europe. Romania's oil production is majorly from Black Sea platforms.
- Oil resources are publicly owned in Romania. Exploration and production are undertaken through concession agreements between economic agents and the National Agency for Mineral Resources, which are granted as a result of public auctions.
- Considering the 2018 proved reserves of 42.2 megatonnes of crude and condensate, Romania's reserves are estimated to deplete over the next 20 years dependent on the rate of extraction.
Increasing Natural Gas Demand is Expected to Drive the Market
- Romania is relatively self-sufficient in natural gas, with imports averaging around 10-15% over the past few years and the Black Sea resources have the potential to turn the country into a net exporter.
- The annual consumption has reached 10.9 megatonnes in 2018. Therefore, while domestic production accounted for 33% of demand in 2018.
- Romania has a century of experience in natural gas production. According to BP, in 2018, 9.5 billion cubic meters (bcm) of gas were brought to surface locally and the remaining quantity of 1.4 bcm was imported to cover domestic consumption.
Romania Oil & Gas Upstream Industry Overview
The Romanian oil and gas upstream market is moderately consolidated. Some of the key players in this market include OMV Petrom SA, SGS SA, Exxon Mobil Corporation, Romgaz SA, and Foraj Sonde SA Videle.
Romania Oil & Gas Upstream Market Leaders
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OMV Petrom SA
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SGS SA
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Exxon Mobil Corporation
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Romgaz SA
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Foraj Sonde SA Videle
*Disclaimer: Major Players sorted in no particular order
Romania Oil & Gas Upstream Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. EXECUTIVE SUMMARY
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3. RESEARCH METHODOLOGY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Romania Proved Reserves, Oil and Gas, 2018
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4.3 Romania Crude Oil Production Historic and Forecast, in thousand Barrels per Day, till 2025
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4.4 Romania Natural Gas Production Historic and Forecast, in billion cubic feet, till 2025
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4.5 Key Upstream Projects
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4.6 Recent Trends and Developments
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4.7 Government Policies and Regulations
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4.8 Market Dynamics
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4.8.1 Drivers
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4.8.2 Restraints
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4.9 Supply Chain Analysis
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4.10 PESTLE Analysis
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5. MARKET SEGMENTATION
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5.1 Location of Deployment
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5.1.1 Onshore
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5.1.2 Offshore
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
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6.3.1 OMV Petrom SA
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6.3.2 SGS SA
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6.3.3 Exxon Mobil Corporation
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6.3.4 Romgaz SA
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6.3.5 Foraj Sonde SA Videle
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Romania Oil & Gas Upstream Industry Segmentation
The report on the Romanian oil and gas upstream market includes:
| Location of Deployment | |
| Onshore | |
| Offshore |
Romania Oil & Gas Upstream Market Research FAQs
What is the current Romania Oil and Gas Upstream Market size?
The Romania Oil and Gas Upstream Market is projected to register a CAGR of less than 1% during the forecast period (2024-2029)
Who are the key players in Romania Oil and Gas Upstream Market?
OMV Petrom SA , SGS SA, Exxon Mobil Corporation , Romgaz SA and Foraj Sonde SA Videle are the major companies operating in the Romania Oil and Gas Upstream Market.
What years does this Romania Oil and Gas Upstream Market cover?
The report covers the Romania Oil and Gas Upstream Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Romania Oil and Gas Upstream Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Romania Oil & Gas Upstream Industry Report
Statistics for the 2024 Romania Oil & Gas Upstream market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Romania Oil & Gas Upstream analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
