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Australia Oil and Gas Market Size, Share, Growth, Analysis: By Type: Upstream, Midstream, Downstream; By Drilling Type: Onshore, Offshore; By Application: Institutions, Residential, Commercial, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Australia Oil and Gas Market Outlook
The Australia oil and gas market size reached a volume of 157.61 thousand barrels in 2023. The market is further projected to grow at a CAGR of 1.3% between 2024 and 2032, reaching a volume of 177.74 thousand barrels by 2032.
Key Takeaways
- In 2018-19, oil was the largest primary energy source in Australia, contributing nearly 39% of all energy consumed.
- In 2020, Australian petroleum liquids production increased slightly to 169 million barrels, up 2% compared to 2019.
- The country produces and exports liquefied natural gas (LNG), crude oil, and condensate. In January 2024, Australia produced approximately 450 million litres (ML) of crude oil. During the same period, Australia exported 9,135 million cubic meters of LNG.
The increasing demand for natural gas, coupled with infrastructural developments, plays a significant role in driving the Australia oil and gas market growth. In 2019, Natural gas provided 26% of primary energy in the country. Secondly, governmental support through incentives and favourable policies contributes to the market's expansion.
Examples of such support include the Australian government allocating USD 28.8 million to Empire Energy over three years, record-breaking fossil fuel subsidies amounting to USD 57.1 billion for projects like carbon capture and storage, coal railways upgrades, and gas fields development, the development of a Future Gas Strategy to guide the industry's future, and Australia's commitment to ending international financing of fossil fuels within the OECD.
The midstream segment, involving the transportation and storage of crude oil, natural gas, and refined products, is expected to witness significant Australia oil and gas market share. This growth is driven by increased production, efficient pipeline infrastructure, and the country's status as a top LNG exporter, impacting market dynamics and enhancing transportation capabilities.
Australia's shift towards cleaner energy sources, including natural gas, to reduce emissions is further guiding the Australia oil and gas market growth. The growth in natural gas production and consumption, driven by industrial demand and energy security, reflects a significant trend shaping the market and influencing energy generation practices.
Onshore drilling in Australia involves extracting oil and gas reserves from land-based locations. This segment is crucial for tapping into inland resources and contributes significantly to the country's energy production. Offshore drilling involves extracting oil and gas reserves from beneath the seabed. Australia has substantial offshore reserves, particularly in regions like the Northwest Shelf and the Timor Sea. Offshore drilling plays a vital role in the country's oil and gas industry, contributing to both domestic consumption and export activities.
Market Segmentation
Australia Oil and Gas Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
- Upstream
- Midstream
- Downstream
Market Breakup by Drilling Type
- Onshore
- Offshore
Market Breakup by Application
- Institutions
- Residential
- Commercial
- Others
Market Breakup by Region
- New South Wales
- Victoria
- Queensland
- Western Australia
- Australian Capital Territory
- Others
Competitive Landscape
Market players primarily focus on LNG production, exploration activities, regulatory compliance, and infrastructure development to drive growth in a competitive landscape.
- ExxonMobil Australia Pty Ltd.
- BP Australia Pty Ltd.
- Woodside Energy Group Limited
- Shell Energy Operations Pty Ltd.
- Santos Ltd.
- Origin Energy Limited
- Beach Energy Limited
- Cooper Energy Limited
- Chevron Australia Pty Ltd
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Drilling Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Australia Oil and Gas Market Overview
8.1 Key Industry Highlights
8.2 Australia Oil and Gas Historical Market (2018-2023)
8.3 Australia Oil and Gas Market Forecast (2024-2032)
9 Australia Oil and Gas Market by Type
9.1 Upstream
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Midstream
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.3 Downstream
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
10 Australia Oil and Gas Market by Drilling Type
10.1 Onshore
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Offshore
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 Australia Oil and Gas Market by Application
11.1 Institutions
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Residential
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Commercial
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Others
12 Australia Oil and Gas Market by Region
12.1 New South Wales
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Victoria
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Queensland
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Australian Capital Territory
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Western Australia
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 ExxonMobil Australia Pty Ltd.
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 BP Australia Pty Ltd.
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Woodside Energy Group Limited
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Shell Energy Operations Pty Ltd.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Santos Ltd.
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Origin Energy Limited
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Beach Energy Limited
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Cooper Energy Limited
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 Chevron Australia Pty Ltd.
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Australia Oil and Gas Market: Key Industry Highlights, 2018 and 2032
2. Australia Oil and Gas Historical Market: Breakup by Type (Thousand Barrels), 2018-2023
3. Australia Oil and Gas Market Forecast: Breakup by Type (Thousand Barrels), 2024-2032
4. Australia Oil and Gas Historical Market: Breakup by Drilling Type (Thousand Barrels), 2018-2023
5. Australia Oil and Gas Market Forecast: Breakup by Drilling Type (Thousand Barrels), 2024-2032
6. Australia Oil and Gas Historical Market: Breakup by Application (Thousand Barrels), 2018-2023
7. Australia Oil and Gas Market Forecast: Breakup by Application (Thousand Barrels), 2024-2032
8. Australia Oil and Gas Historical Market: Breakup by Region (Thousand Barrels), 2018-2023
9. Australia Oil and Gas Market Forecast: Breakup by Region (Thousand Barrels), 2024-2032
10. Australia Oil and Gas Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate volume of 157.61 thousand barrels.
The market is expected to grow at a CAGR of 1.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach 177.74 thousand barrels by 2032.
The market is being driven due to technological advancements, favourable geopolitical factors influencing production levels and pricing dynamics, and demand for oil and gas from residential, commercial, and institutional sectors.
Key trends aiding the market expansion encompass technological advancements like digitalisation and automation improving operational efficiency, focus on renewable energy sources impacting investment decisions, and increasing emphasis on sustainability driving innovation in extraction methods.
Regions considered in the market are New South Wales, Victoria, Queensland, Western Australia, and Australian Capital Territory, among others.
Based on application, the market segmentations include institutions, residential, and commercial, among others.
Onshore and offshore drillings are considered in the report.
Key players in the market are ExxonMobil Australia Pty Ltd., BP Australia Pty Ltd., Woodside Energy Group Limited, Shell Energy Operations Pty Ltd., Santos Ltd., Origin Energy Limited, Beach Energy Limited, Cooper Energy Limited, and Chevron Australia Pty Ltd, among others.
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