Norway leads the European oil and gas extraction market with a turnover of €53.18 billion, though it faced a slight decline of 6.5% in 2023. The United Kingdom, in second place at €21.6 billion, also saw a decrease of 6.96%. Germany experienced a marginal growth of 0.33%, reaching €13.95 billion, while the Netherlands saw a significant decline of 17.24%, lowering its turnover to €6.97 billion. Spain reported a 7.2% increase, elevating its turnover to €0.5956 billion. Denmark faced a vast drop of 33.02%, Hungary, despite being smaller, grew by 22.73%, reaching €0.2434 billion. Estonia and Lithuania saw declines of 10.94% and 9.39%, respectively.
The following future trends should be monitored for the European oil and gas extraction turnover by country:
• The potential of renewable energy impacting traditional oil and gas metrics.
• Geopolitical developments that may influence extraction costs and turnover.
• Technological advancements in extraction and efficiency improvements.
• Regulatory changes within the EU that could affect market dynamics.
Top countries in Oil and Gas Extraction Turnover by Country
| # | 9 Countries | Million Euros | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Norway | 53,180 | 2023 | +4.21% | -6.5% | View data |
| 2 | 2 United Kingdom | 21,600 | 2023 | -5.75% | -6.96% | View data |
| 3 | 3 Germany | 13,950 | 2023 | +5.19% | +0.33% | View data |
| 4 | 4 Netherlands | 6,970 | 2023 | -19.3% | -17.24% | View data |
| 5 | 5 Spain | 595.6 | 2023 | +4.75% | +7.2% | View data |
| 6 | 6 Denmark | 433.4 | 2023 | -54.05% | -33.02% | View data |
| 7 | 7 Hungary | 243.4 | 2023 | +13.47% | +22.73% | View data |
| 8 | 8 Estonia | 147.8 | 2023 | -4.58% | -10.94% | View data |
| 9 | 9 Lithuania | 21.8 | 2023 | -4.39% | -9.39% | View data |
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