Australia Oil and Gas Market on Track to Reach $736.8 Million by 2034
The Australia oil and gas market is experiencing steady growth due to increasing Asian energy demand, LNG export expansion, infrastructure investment, and government support. According to IMARC Group, the market grew from USD 432.1 million in 2025 to USD 464.9 million in 2026 and is projected to reach USD 736.8 million by 2034, exhibiting a CAGR of 5.93% during 2026-2034.
The sector encompasses upstream exploration, midstream processing, and downstream refining, benefiting from Asia's transitional energy demand and Australia's world-class LNG export infrastructure. The market growth trajectory reflects consistent demand driven by LNG export growth and recovering upstream investment.
Australia's oil and gas market is on track to reach USD 736.8 million by 2034, expanding at a 5.93% CAGR. Supported by LNG export expansion, strategic infrastructure investment, and sustained Asian energy demand, the sector offers compelling opportunities for operators, infrastructure owners, and investors across the value chain.