Oil and Gas Capex Market to Reach USD 850.5 Billion by 2032, Supported by LNG Investments and Offshore Development, Says Mordor Intelligence
Hyderabad, November 11, 2026: Capital expenditure across the global oil and gas industry continues to reflect investment requirements in exploration, production, transportation, processing, and asset maintenance. Energy companies are allocating funds to new production facilities, LNG infrastructure, offshore developments, and improvements to existing assets to support long-term supply requirements.
According to Mordor Intelligence, the global oil and gas capex market size is projected to increase from USD 680.9 billion in 2026 to USD 708.5 billion in 2027, reaching USD 850.5 billion by 2032. The market is expected to register a CAGR of 3.72% during 2027–2032.
Upstream activities remain the largest contributor to capital spending, supported by investments in exploration and production facilities. Meanwhile, LNG infrastructure projects and offshore developments are creating additional requirements for engineering, procurement, construction, and installation services.
Emerging Trends in the Oil and Gas Capex Market
Upstream spending remains important: Upstream activities accounted for 73.27% of the market in 2026. Investments in drilling, field development, production facilities, and well construction continue to represent a major portion of industry capital allocation.
Brownfield upgrades and maintenance spending: Operators are investing in compression systems, electrification, equipment replacement, and facility upgrades to maintain production from existing assets while addressing operational requirements.
Growing offshore decommissioning activity: The retirement of ageing offshore infrastructure is creating additional expenditure requirements for well abandonment, facility removal, and site restoration.
Oil and Gas Capex Market Segmentation
The Oil and Gas Capex market is segmented by sector, location, asset type, and geography.
- By Sector: Upstream, Midstream, and Downstream.
- By Location: Onshore and Offshore.
- By Asset Type: Construction, Maintenance and Turnaround, and Decommissioning.
- By Geography: North America, Europe, Asia Pacific, South America, and Middle East and Africa.
Upstream accounted for the largest sector share at 73.27% in 2026. By location, onshore projects represented 78.82% of the market, while offshore expenditure is projected to grow at the fastest CAGR of 6.85% during 2027–2032.
By asset type, construction held the largest share at 47.66% in 2026. Decommissioning is expected to record the fastest growth, with a projected CAGR of 6.2% over the forecast period.
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Oil and Gas Capex Key Players
- Saudi Aramco
- Exxon Mobil Corporation
- Shell plc
- BP plc
- TotalEnergies SE
- Chevron Corporation
- PetroChina (CNPC)
- CNOOC Ltd
- Equinor ASA
- Petrobras
- ConocoPhillips
- Eni SpA
Asia Pacific Leads the Oil and Gas Capex Market
Asia Pacific held the largest Oil and Gas Capex market share at 29.58% in 2026 and is projected to register the fastest regional growth, with a CAGR of 4.5% during 2027–2032. China is an important contributor to regional investment activity, supported by domestic oil and gas production and ongoing upstream development. CNOOC reported net oil and gas production of 536.9 million barrels of oil equivalent in China during 2025, representing a 9% year-on-year increase. Regional LNG developments and production infrastructure requirements also support capital spending across the Asia Pacific energy sector. Other regions, including North America, Europe, and South America, continue to attract investment through LNG projects, offshore developments, and pipeline infrastructure.
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