West Africa Oil and Gas Upstream Market Size 2024 Industry Competition Analysis and Forecast till 2032

The West Africa Oil and Gas Upstream Market is anticipated to register a Compound Annual Growth Rate (CAGR) of approximately 6.7% during the period 2020-2025.

 Raw petroleum production in the region is expected to witness a CAGR of about 9.63%, while natural gas production is forecasted to be around 5.15% during the same period. Key factors driving market competitiveness include the rebound in crude oil prices post-2015 and increased oil and gas production in major countries like Nigeria and Ghana. However, the oil price downturn in early 2020, attributed to reduced demand, is expected to result in significant financial losses for oil producers in West Africa, especially if prices remain below USD 30/barrel.

Offshore Exploration Dominance: Offshore exploration and production activities are expected to dominate the market in Africa, primarily due to their relative resistance to vandalism. Offshore sites are less accessible to terrorists and other disruptive groups, contributing to their attractiveness for investment. Recent offshore discoveries in Senegal highlight the untapped potential of the West African offshore region, offering lucrative opportunities for upstream companies.

Nigeria’s Market Dominance: Nigeria is poised to dominate the West African oil and gas upstream market during the forecast period. The country’s significant growth in oil and gas activities, coupled with the global demand for its low-sulfur-content crude oil, contributes to its market leadership. Despite challenges such as liquidity issues and revenue concerns, Nigeria remains a crucial player in the region’s oil and gas sector.

Key Market Trends:

Rapid Growth in Offshore Sector: The offshore sector in West Africa is projected to be the fastest-growing market segment. Offshore areas are less susceptible to terrorist activities, leading to increased offshore projects and discoveries. Governments in the region are offering incentives and supportive policies to attract investment, making it an attractive option for global oil and gas companies seeking alternative fields.

Nigeria’s Oil and Gas Challenges: Nigeria faces challenges related to liquidity, revenue shortages, and convertibility issues. The recent global oil price crash due to reduced demand from the COVID-19 pandemic further exposed the vulnerability of Nigeria’s economy. The country is exploring alternative revenue sources through gas commercialization and infrastructure development to overcome economic downturns.

Competitive Landscape:

The West African oil and gas upstream market exhibit a consolidated nature, with key players including Royal Dutch Shell Plc, Total SA, Eni SpA, Exxon Mobil Corporation, and Nigerian National Petroleum Corporation (NNPC). Despite challenges such as militant activities, aging oilfields, and the need for governance reforms, these major players continue to shape the landscape and influence upstream activities in the region.

Report Components

Market Synopsis: This section encapsulates the present market scenario and outlines the industry’s scope. It includes a comprehensive analysis of key segments such as product types, applications, and regions, with revenue and sales forecasts provided as part of this overview.

Competitive Landscape: Illuminating the market’s competitive terrain, this section presents an in-depth analysis of manufacturers, offering insights into individual players’ revenue and sales figures. Additionally, it encompasses noteworthy details on mergers, acquisitions, and industry investments.

Regional Analysis: Providing an overview of market revenue, sales, and shares across major regions and sub-regions, this segment also explores the pricing structure, sales growth rate, and other crucial estimations.

Company Profiles: This section provides strategic business insights about key firms operating within the market landscape. It covers product specifications, revenue shares, and portfolios of these major companies.

The Analysis Objectives of the Report are:

To determine the size of the Market by identifying its sub-segments.

To research the key players and analyze their growth strategies.

To assess the size and value of the Market based on key regions.

To analyze the Market in terms of growth trends, potential, and participation in the overall sector.

To investigate the Market size (volume and value) from the company, key regions/countries, goods and applications, and background data.

Primary Market manufacturers to specify, clarify, and analyze the product sales volume, value, market share, market rivalry landscape, SWOT analysis, and future development plans.

To investigate market competitive developments such as market expansions, agreements, new product launches, and acquisitions.

What is new in 2024?

– Major developments that can change the business landscape as well as market forecasts.

– Addition/refinement in segmentation–Increase in depth or width of segmentation of the market.

– Coverage of new market players and change in the market share of existing players of the market.

– Updated financial information and product portfolios of players operating in the market.

– Updated market developments of the profiled players.

– Any new data points/analysis (frameworks) which was not present in the previous version of the report

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Source: https://www.taiwannews.com.