Market overview
The global upstream oil and gas market is worth USD 548 bn in 2026 and is forecast to reach USD 702 bn by 2036, growing at a 2.5% CAGR. United States is the largest country market and Field development and wells is the largest by activity segment.
| Scope | Spending on finding and producing oil and gas: exploration, field development, wells and production operations by upstream operators worldwide. |
|---|---|
| Industry | Oil and Gas |
| Value 2025 | USD 540 bn |
| Value 2026 | USD 548 bn |
| Value 2036 | USD 702 bn |
| CAGR 2026-2036 | 2.5% |
| Volume 2026 | 80,396 wells |
| Volume 2036 | 93,166 wells |
| Average price 2026 | USD 6,818,000 per well |
| Report price | Starts from USD 1,999 |
| Published | November 2026 |
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Upstream Oil and Gas market size and forecast, 2026-2036
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Year | Market value |
|---|---|
| 2026 | USD 548 bn |
| 2027 | USD 562 bn |
| 2028 | USD 576 bn |
| 2029 | USD 590 bn |
| 2030 | USD 605 bn |
| 2031 | USD 620 bn |
| 2032 | USD 636 bn |
| 2033 | USD 652 bn |
| 2034 | USD 668 bn |
| 2035 | USD 685 bn |
| 2036 | USD 702 bn |
Upstream Oil and Gas market segmentation
By activity
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Field development and wells | 48.0% | 48.3% | USD 263 bn | 2.5% |
| Production operations and maintenance | 32.0% | 30.6% | USD 175 bn | 2.0% |
| Exploration and appraisal | 8.0% | 8.4% | USD 43.8 bn | 3.0% |
| Facilities and infrastructure | 12.0% | 12.7% | USD 65.8 bn | 3.0% |
By setting
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Onshore | 60.0% | 57.3% | USD 329 bn | 2.0% |
| Shallow water | 14.0% | 14.0% | USD 76.7 bn | 2.5% |
| Deepwater and ultra-deepwater | 19.0% | 22.0% | USD 104 bn | 4.0% |
| Arctic and frontier | 7.0% | 6.7% | USD 38.4 bn | 2.0% |
By operator
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| National oil companies | 52.0% | 52.3% | USD 285 bn | 2.6% |
| International oil companies | 28.0% | 24.3% | USD 153 bn | 1.1% |
| Independents | 20.0% | 23.4% | USD 110 bn | 4.1% |
By resource
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Crude oil | 56.0% | 49.1% | USD 307 bn | 1.2% |
| Natural gas | 36.0% | 42.7% | USD 197 bn | 4.3% |
| Natural gas liquids | 8.0% | 8.2% | USD 43.8 bn | 2.8% |
By field maturity
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Mature fields | 44.0% | 38.8% | USD 241 bn | 1.2% |
| Mid-life fields | 32.0% | 32.7% | USD 175 bn | 2.7% |
| New developments | 24.0% | 28.5% | USD 132 bn | 4.3% |
Top 25 countries for upstream oil and gas by revenue
Countries are ranked by revenue earned from sales in the country, not by where the product is made. The ten largest hold 67.0% of 2026 revenue and the 25 countries below together hold 93.4%.
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| # | Country | Value 2026 | Share 2026 | Value 2036 | CAGR 2026-36 |
|---|---|---|---|---|---|
| 1 | United States | USD 132 bn | 24.0% | USD 161 bn | 2.1% |
| 2 | China | USD 49.3 bn | 9.0% | USD 61.7 bn | 2.3% |
| 3 | Saudi Arabia | USD 32.9 bn | 6.0% | USD 45.6 bn | 3.3% |
| 4 | Russia | USD 32.9 bn | 6.0% | USD 37.2 bn | 1.2% |
| 5 | Canada | USD 27.4 bn | 5.0% | USD 32.3 bn | 1.6% |
| 6 | Brazil | USD 24.7 bn | 4.5% | USD 37.2 bn | 4.2% |
| 7 | United Arab Emirates | USD 21.9 bn | 4.0% | USD 31.6 bn | 3.7% |
| 8 | Norway | USD 16.4 bn | 3.0% | USD 19.6 bn | 1.8% |
| 9 | Iraq | USD 16.4 bn | 3.0% | USD 21.8 bn | 2.8% |
| 10 | Mexico | USD 13.7 bn | 2.5% | USD 16.1 bn | 1.6% |
| 11 | Kuwait | USD 13.3 bn | 2.4% | USD 31.9 bn | 9.2% |
| 12 | Iran | USD 13.3 bn | 2.4% | USD 21.8 bn | 5.1% |
| 13 | India | USD 13.3 bn | 2.4% | USD 17.4 bn | 2.8% |
| 14 | Qatar | USD 13.2 bn | 2.4% | USD 14.9 bn | 1.2% |
| 15 | United Kingdom | USD 11.6 bn | 2.1% | USD 13.2 bn | 1.3% |
| 16 | Australia | USD 10.5 bn | 1.9% | USD 11.9 bn | 1.3% |
| 17 | Nigeria | USD 9.6 bn | 1.8% | USD 10.9 bn | 1.3% |
| 18 | Kazakhstan | USD 9.0 bn | 1.6% | USD 10.2 bn | 1.2% |
| 19 | Algeria | USD 8.4 bn | 1.5% | USD 9.5 bn | 1.2% |
| 20 | Angola | USD 7.9 bn | 1.4% | USD 9.0 bn | 1.2% |
| 21 | Indonesia | USD 7.5 bn | 1.4% | USD 8.6 bn | 1.3% |
| 22 | Argentina | USD 7.2 bn | 1.3% | USD 8.1 bn | 1.3% |
| 23 | Oman | USD 6.9 bn | 1.2% | USD 7.8 bn | 1.3% |
| 24 | Egypt | USD 6.6 bn | 1.2% | USD 7.4 bn | 1.2% |
| 25 | Libya | USD 6.4 bn | 1.2% | USD 7.2 bn | 1.2% |
| Rest of world | USD 36.3 bn | 6.6% | USD 47.4 bn | 2.7% |
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
Competitive landscape
Group 1: Global leaders
- Saudi Aramco
- ExxonMobil
- Shell
- Chevron
- TotalEnergies
- BP
- PetroChina
- Gazprom
Group 2: Regional and specialist players
- ConocoPhillips
- Eni
- Equinor
- Petrobras
- Occidental
- Petronas
- QatarEnergy
- CNOOC
- Lukoil
- Sonatrach
Group 3: Emerging and niche players
- Santos
- Woodside Energy
- Diamondback Energy
- Harbour Energy
- Aker BP
Research methodology
Every figure on this page comes from the research framework that we apply to all of the markets we cover. The 2025 base for the upstream oil and gas market is built from the volume sold and the price that buyers pay, and is cross-checked against the size of the wider industry the market belongs to. Where a market can be sized in more than one way, the routes are compared before a figure is set.
The forecast runs year by year from the 2025 base to 2036. Growth in each year reflects demand from the industries that buy the product, adoption of new technology, pricing, regulation and replacement cycles. Volume and price are modelled together, so revenue in each year equals volume multiplied by average price. The 2026 to 2036 compound annual growth rate of 2.5% is calculated from the resulting values.
The market is divided by activity, by setting, by operator, by resource, by field maturity. The 25 largest countries are ranked by revenue earned from sales to buyers in each country, not by where the product is made. Segment values and country values add up to the market total in every year, and every report is checked for consistency before it is published.
Companies are placed in three groups: global leaders, regional and specialist players, and emerging and niche players. The groups describe how companies compete in the market. They are not a ranking and they are not market shares.
Our analysts also carry out primary research. Customized reports add interviews with key opinion leaders, such as senior executives, technical specialists and buyers, to test the assumptions behind the numbers for the question being asked.
Frequently asked questions
How big is the upstream oil and gas market?
The global upstream oil and gas market is estimated at USD 540 bn in 2025 and USD 548 bn in 2026.
How fast will the upstream oil and gas market grow?
It is forecast to reach USD 702 bn by 2036, a compound annual growth rate of 2.5% from 2026, an increase of USD 154 bn.
Which country is the largest market for upstream oil and gas?
United States is the largest market by revenue at USD 132 bn in 2026, 24.0% of the global total. The three largest countries together hold 39.0%.
Which country is growing fastest?
Among the ten largest markets, Brazil is growing fastest at 4.2% a year from 2026 to 2036.
Which upstream oil and gas segment is largest?
In the by activity split, Field development and wells is the largest segment with 48.0% of 2026 revenue.
Who are the leading upstream oil and gas companies?
Global leaders include Saudi Aramco, ExxonMobil, Shell, Chevron.
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