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Global Oil & Gas Exploration & Production Industry Data and Analysis
Global oil and gas production companies have gone through significant turbulence for most of the period. Revenue started off in a downturn amid the pandemic and its accompanying lockdowns, primarily the industry's largest market, the transportation sector, was limited. This was quickly reversed as the economy opened and supply outpaced demand, causing prices to skyrocket. High prices, accompanied by swelling production, led to surging revenue. This was further amplified by Russia's invasion of Ukraine, which forced many countries to put sanctions on Russia. With countries scrambling to find new suppliers, prices continued to shoot up in 2022. Nonetheless, prices eventually cooled back down later in the period, but still remained well above pre-pandemic levels. Overall revenue has pushed up at a CAGR of 11.7% to $4.0 trillion through the end of 2025, including a slight 7.3% dip in 2025 alone. Profit also surged as purchase costs came down.
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What's included in this industry analysis
IBISWorld's research coverage on the Global Oil & Gas Exploration & Production industry includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released November 2025.
About this industry
What's this industry report about?
The Global Oil & Gas Exploration & Production industry operates under the industry code B0531-GL. Operators in the Global Oil and Gas Exploration and Production industry explore for, develop and operate oil and gas fields. This industry includes the production of crude petroleum, the mining and extraction of oil from oil shale and oil sands, the production of natural gas, sulfur recovery from natural gas and the recovery of hydrocarbon liquids. Transport, refining and marketing activities are excluded from this industry. Related terms covered in the Global Oil & Gas Exploration & Production industry include oil field, natural gas and lng.
What's included in this industry?
Products and services covered in Global Oil & Gas Exploration & Production industry include Natural gas, Crude oil and Natural gas plant liquids.
What companies are included in this industry?
Companies covered in the Global Oil & Gas Exploration & Production industry include The Saudi Arabian Oil Company.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Global Oil & Gas Exploration & Production industry.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed product and service segmentation, analysis of major markets and international trade data for the for the Global Oil & Gas Exploration & Production industry.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Global Oil & Gas Exploration & Production industry.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Global Oil & Gas Exploration & Production industry. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Global Oil & Gas Exploration & Production industry. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Global Oil & Gas Exploration & Production industry. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Global Oil & Gas Exploration & Production industry. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Global Oil & Gas Exploration & Production industry.
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Frequently Asked Questions
What is the market size of the Global Oil & Gas Exploration & Production industry in 2026?
The market size of the Global Oil & Gas Exploration & Production industry is $4.0tr in 2026.
How many businesses are there in the Global Oil & Gas Exploration & Production industry in 2025?
There are 101k businesses in the Global Oil & Gas Exploration & Production industry, which has declined at a CAGR of 2.6 % between 2020 and 2025.
How may import tariffs affect the Global Oil & Gas Exploration & Production industry?
The Global Oil & Gas Exploration & Production industry is likely to be impacted by import tariffs with imports accounting for a moderate share of industry revenue.
How may export tariffs affect the Global Oil & Gas Exploration & Production industry?
The Global Oil & Gas Exploration & Production industry is likely to be significantly impacted by export tariffs with exports accounting for a high share of industry revenue.
Has the Global Oil & Gas Exploration & Production industry grown or declined over the past 5 years?
The market size of the Global Oil & Gas Exploration & Production industry has been growing at a CAGR of 11.7 % between 2020 and 2025.
What is the forecast growth of the Global Oil & Gas Exploration & Production industry over the next 5 years?
Over the next five years, the Global Oil & Gas Exploration & Production industry is expected to decline.
What are the biggest companies in the Global Oil & Gas Exploration & Production industry?
The biggest company operating in the Global Oil & Gas Exploration & Production industry is The Saudi Arabian Oil Company
What does the Global Oil & Gas Exploration & Production industry include?
Oil and gas exploration and Crude oil extraction are part of the Global Oil & Gas Exploration & Production industry.
Which companies have the highest market share in the Global Oil & Gas Exploration & Production industry?
The company holding the most market share in the Global Oil & Gas Exploration & Production industry is The Saudi Arabian Oil Company.
How competitive is the Global Oil & Gas Exploration & Production industry?
The level of competition is high and increasing in the Global Oil & Gas Exploration & Production industry.
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