Asia-Pacific Oil and Gas Upstream Market is Expected to grow at a robust CAGR of 4.18% through 2030F

The increasing Asia-Pacific oil and gas upstream market is driven by growing investments in deepwater and ultra-deepwater exploration, shift toward natural gas as a transition fuel during the forecast period 2026-2030F.

According to TechSci Research report, “Asia-Pacific Oil and Gas Upstream Market – By Country, Competition, Forecast and Opportunities, 2020-2030F”, The Asia-Pacific Oil and Gas Upstream Market was valued at USD 1,532.52 Billion in 2024 and is expected to reach USD 1,976.99 Billion by 2030 with a CAGR of 4.18% during the forecast period. The Asia-Pacific upstream oil and gas sector is witnessing a notable increase in deepwater and ultra-deepwater exploration, particularly in countries like Malaysia, Indonesia, India, Australia, and China. With many mature onshore and shallow water fields reaching plateau or decline phases, operators are turning to deepwater reserves to meet the region's growing energy demand and maintain production levels.

India’s Oil and Natural Gas Corporation (ONGC) and Reliance Industries have advanced deepwater development in the Krishna-Godavari (KG) basin, while Malaysia’s Petronas continues to invest heavily in deepwater exploration off Sarawak and Sabah. Similarly, Indonesia has prioritized untapped deepwater blocks in the Makassar Strait and eastern territories, where potential discoveries are expected to be substantial.

Technological improvements in subsea infrastructure, remotely operated vehicles (ROVs), and floating production systems (e.g., FPSOs) are making deepwater projects more technically and commercially viable. International oil companies (IOCs) and technical service providers are playing an increasingly critical role by bringing expertise, capital, and cutting-edge technologies required for complex offshore operations.

Governments are also offering favorable fiscal terms, tax incentives, and production-sharing models to attract investments in high-risk deepwater blocks. For example, India revised its Hydrocarbon Exploration and Licensing Policy (HELP) to enhance flexibility and profitability for investors in deepwater areas.

Despite high upfront costs, the long-term reserve potential and production scalability of deepwater assets make them strategically important. As conventional resources dwindle, deepwater exploration is expected to play a key role in shaping the Asia-Pacific upstream outlook. However, success will depend on stable regulatory environments, regional collaboration, and continued innovation in seismic imaging, drilling, and completion technologies. Deepwater expansion marks a transition toward more technologically advanced, capital-intensive operations across Asia-Pacific’s upstream segment.

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Based on resource type, Unconventional is the fastest growing segment in the Asia-Pacific Oil and Gas Upstream market during the forecast period, due to the increasing exploration and development of non-traditional hydrocarbon sources such as shale oil, tight gas, coalbed methane (CBM), and oil sands. This growth is primarily driven by technological advancements in horizontal drilling and hydraulic fracturing (fracking), which have reduced the cost of extracting unconventional resources and made them more commercially viable. These technologies enable more efficient extraction from previously inaccessible or low-productivity reservoirs, contributing to the segment's rapid expansion.

Additionally, countries like China, India, and Australia are turning to unconventional resources to enhance their energy security and reduce their reliance on imported oil and gas. By tapping into local unconventional reserves, these countries aim to strengthen their energy independence and mitigate the risks associated with global supply disruptions. In this context, the development of shale gas and coalbed methane is seen as a critical step toward securing more reliable domestic energy sources.

Government support also plays a significant role in the growth of the unconventional segment. Many governments in the Asia-Pacific region have implemented favorable policies and offered incentives such as tax breaks, reduced royalties, and production-sharing contracts to attract both domestic and foreign investment in unconventional hydrocarbon development. These initiatives have been crucial in stimulating investment and facilitating the growth of unconventional resources.

Moreover, the resource availability in the region, particularly in China, India, and Indonesia, with their vast unconventional oil and gas reserves, further drives the growth of this segment. China’s significant shale gas potential in the Sichuan Basin and India’s exploration of CBM and shale gas are key examples of how unconventional resources are becoming an integral part of the region’s energy strategy.

Based on country, India is the fastest growing country in the Asia-Pacific Oil and Gas Upstream Market during the forecast period during the forecast period due to a combination of strategic initiatives, growing energy demand, and an increasing focus on domestic exploration and production. Several factors contribute to India’s rapid growth in this sector.

India is the third-largest energy consumer in the world, and its demand for oil and gas is rising due to its expanding industrial base, rapid urbanization, and increasing population. This growing demand is driving the need for domestic production to supplement imports, which currently account for a significant portion of the country's energy consumption. The Indian government has recognized this dependency and has initiated several measures to boost domestic oil and gas production.

India’s government has implemented policies aimed at increasing energy security and reducing its reliance on foreign imports. These policies include offering incentives for exploration, increased investment in the upstream sector, and opening up new exploration blocks to private and foreign companies. The introduction of the Hydrocarbon Exploration and Licensing Policy (HELP) has also made it easier for companies to operate in India, offering a more transparent and investor-friendly regulatory environment.

Furthermore, India is focusing on developing unconventional resources, including shale gas and coalbed methane (CBM). While the country has yet to fully unlock its unconventional potential, there have been significant strides made in the exploration of these resources, particularly in regions like Cambay Basin and Sangrur.

 Key market players in the Asia-Pacific Oil and Gas Upstream market are: -

• ExxonMobil.
• Royal Dutch Shell.
• Chevron Corporation
• BP
• ConocoPhillips
• TotalEnergies
• Saudi Aramco
• PetroChina
• China National Offshore Oil Corporation
• Gazprom

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“The Asia-Pacific oil and gas upstream market presents significant opportunities driven by increased demand for energy, technological advancements, and unconventional resource development. Countries like India, China, and Australia offer untapped offshore and unconventional reserves, creating growth potential. Government incentives and favorable policies are encouraging investment in exploration and production. Additionally, there are opportunities in energy diversification with the rise of shale gas, coalbed methane, and LNG. Technological innovations such as digitalization and automation are enhancing exploration efficiency, creating new avenues for growth and optimizing resource recovery across the region.Top of Form” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

“Asia-Pacific Oil and Gas Upstream Market By Resource Type (Conventional, Unconventional), By Drilling Type (Onshore, Offshore), By Application (Industrial, Power Generation, Residential, Commercial, Transportation), By Country, Competition, Forecast and Opportunities, 2020-2030F,” has evaluated the future growth potential of Asia-Pacific Oil and Gas Upstream Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Asia-Pacific Oil and Gas Upstream Market.

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