Oil & Gas Upstream Market 2025 | Growth Drivers, Key Players & Investment Opportunities

Market Size and Growth

As per DataM Intelligence Experts Research Report Oil & Gas Upstream Market reached at a CAGR during the forecast period 2024-2031.

Latest Developments:

USA:In 2025 NextDecade secured up to $3 billion in equity funding from TotalEnergies and GIP to finance Train 4 of its Rio Grande LNG export project in Texas.

USA:In August 2025 EOG Resources completed its $5.6 billion acquisition of Encino Acquisition Partners, expanding its upstream portfolio in the Utica and Marcellus basins.

JAPAN:In July 2025 Petronas delivered its first LNG cargo from LNG Canada to Toho Gas in Japan, marking the start of a new supply route.

JAPAN:In May 2025 Tokyo Gas and Castleton completed a $525 million acquisition of Chevron's East Texas gas assets, giving Tokyo Gas a majority operating stake.

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Oil & Gas Upstream refers to the exploration and production (E&P) segment of the petroleum industry, focused on locating, drilling, and extracting crude oil and natural gas from underground or underwater reserves. It encompasses activities such as geological surveys, seismic studies, well drilling, and reservoir management. As the first stage in the oil and gas value chain, upstream operations are critical for meeting global energy demand and rely heavily on advanced technology, skilled labor, and significant capital investment.

Key Players:

Saudi Aramco, Gazprom, ExxonMobil, Rosneft, PetroChina, BP, Sinopec, Royal Dutch Shell, Total S.A, and Chevron.

Key Development:

✅ In August 2025 Petronas announced plans to expand its international upstream portfolio to 60% over the next decade, rising from 40-50% currently.The move includes strategic partnerships to de-risk high-capex projects and continued support for Malaysian operations, including its stake in Canada's Kitimat LNG facility

✅In August 2025 BP announced its largest oil and gas discovery in 25 years-the Bumerangue field in Brazil's Santos Basin.This significant find supports BP's renewed upstream focus, aiming to scale production to 2.3-2.5 million barrels/day by 2030

Growth Forecast Projected:

The Global Oil & Gas Upstream Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Oil & Gas Upstream Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Key Segments:

By Raw: Crude oil, Natural Gas, Others

By Production Site: Onshore, Offshore

By Drilling Technology: Conventional, Unconventional

Regional Analysis for Oil & Gas Upstream Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

Chapter 1: Sets the stage by outlining the report's coverage, summarizing key market segments by region, product type, and application. Presents a snapshot of market sizes, growth potential across segments, and anticipated industry evolution both short and long term.

Chapter 2: Highlights pivotal market insights and uncovers the most significant emerging trends driving change within the industry.

Chapter 3: Offers an in-depth look at the competitive landscape among Oil & Gas Upstream producers, including revenue shares, strategic moves, and recent mergers and acquisitions.

Chapter 4: Presents comprehensive profiles of the market's key players, delving into details such as revenue, profit margins, product portfolios, and company milestones.

Chapters 5 & 6: Analyze Oil & Gas Upstream revenue at both regional and country levels, providing quantitative breakdowns of market sizes, growth opportunities, and development prospects worldwide.

Chapter 7: Focuses on different market segments by type, examining their individual sizes and potential, guiding readers toward high-impact, untapped market areas.

Chapter 8: Explores segmentation by application, evaluating industry growth potential in various downstream markets and pinpointing promising sectors for expansion.

Chapter 9: Provides a thorough review of the industry's supply chain mapping out both upstream and downstream activities.

Chapter 10: Concludes with a summary of the report's key findings and highlights the most critical takeaways for industry stakeholders.

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