The libya oil and gas upstream market size is anticipated to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to rising number of exploration projects along with increasing production of oil and gas.
Upstream is a term for operations stages in the oil and gas industry. Oil and gas companies can be divided into three segments that include upstream, midstream, and downstream. Upstream companies can involve in lifecycle of these operations of the oil and gas industry.
Upstream firms deal primarily with the exploration through extraction of resources and initial production stages of the oil and gas industry. Another name for the upstream oil sector, which is more accurate of what occurs in this stage of development of an oil asset and natural gas asset, is the exploration and production (E&P) sector. The exploration activities include creating geological surveys and obtaining land rights. The production activities include onshore and offshore drilling.
Upstream oil and gas production and operations identify deposits, drill wells, and recover raw materials from underground and are involved in the exploration and extraction. Drilling methods vary depending on type of oil or gas and the geology of the location. Many of those employed in the upstream part of the industry include geologists, geophysicists, service rig operators, engineering firms, scientists, and seismic and drilling contractors.
Libya Oil and Gas Upstream Market Segment Insights
In terms of locations, the market is bifurcated into onshore and offshore. The onshore segment is expected to dominate the market share during the forecast period owing to rising number of upcoming onshore projects in the country. Oil grade is of excellent quality and requires a low level of refining maintenance and equipment during onshore exploration. The oil production in the country has increased by 1.6%, from 32.2 million metric ton in 2017 to 32.7 million metric ton in 2018. On the other hand, the offshore segment is expected to grow at a steady rate during the forecast period. Increasing government support to explore the offshores and increasing investment of major companies are anticipated to propel the growth of the market segment.
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Key Players Covered in the Report
BP PLC; Eni SpA, National Oil Corporation, PJSC Gazprom, and Polskie Gornictwo Naftowe i Gazownictwo (PGNiG) SA.
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