Australia Crude Oil Market Size, Share, and Trends: Forecast and Growth Analysis Report (2026-2035)

Key Market Trends and Insights

• The Australian Capital Territory dominated the market in 2024 and is projected to grow at a CAGR of -0.5% over the forecast period.
• New South Wales held a significant share of the Australia crude oil market demonstrating a CAGR of 30.6% in 2024.

Market Size & Forecast

• Market Size in 2025: AUD 36.14 million
• Projected Market Size in 2035: AUD 41.12 million
• CAGR from 2026 to 2035: 1.30%
• Fastest-Growing Regional Market: Australian Capital Territory

Prominent producers in the Australia crude oil market landscape are drilling deeper with their large-scale projects to ensure the supply of energy remains resilient and their capabilities for exports high as the energy demand keeps rising in the Asia-Pacific region. The injection of capital by Woodside Energy through divesting its equity in the downsized Scarborough project to JERA, Japan in an agreement concluded in May 2024, is a welcome move that not only guarantees the momentous gas and condensate development goes ahead as scheduled but also secures energy exports in the future.

Moreover, Santos has propelled the Pikka oil project deeply through engineering milestones achieved in November 2024 and thus is still on schedule for the very first oil production in 2026, which is a strong signal of confidence in Australia’s upstream investment environment.

These daring moves highlight how project ramp-up and cross-border cooperation are expanding the Australia crude oil market scope and its supply base as positioning the nation as the chief local energy ‍‌‍‍‌‍‌‍‍‌exporter.

Recent Developments

November 2025

Energy technology firm SLB introduced its AI-powered platform Tela, designed to automate drilling analysis and equipment optimization. By enhancing operational efficiency and predictive maintenance, such digital advancements indirectly strengthen Australia crude oil market revenue, supporting cost-effective upstream production and improved asset performance in complex exploration environments.

November 2025

Australia and Canada signed a declaration to boost collaboration in critical minerals, enhancing trade and innovation across the energy value chain. This partnership supports Australia’s energy security and indirectly benefits the crude oil sector by strengthening resource infrastructure.

June 2025

XCF Global partnered with Continual Renewable Ventures Pty Ltd. to launch New Rise Australia, a Sustainable Aviation Fuel (SAF) and Hydrotreated Vegetable Oil (HVO) platform that will enhance Australia’s refining and fuel infrastructure. This initiative supports the crude oil market by expanding feedstock diversification, strengthening downstream capacity, and advancing the country’s transition toward cleaner liquid fuels.

February 2025

INPEX Corporation, through its 50% stake in Potentia Energy Group, acquired over 1 GW of wind, solar, and battery assets across four Australian states. This expansion enhances Australia’s integrated energy landscape, supporting long-term crude market stability by enabling oil producers to diversify operations and align with the nation’s net-zero transition goals.

Key Drivers and Trends

Portfolio​‍​‌‍​‍‌​‍​‌‍​‍‌ reshaping through divestment facilitates reinvestment

Producers optimizing asset portfolios to enhance focus on Australian upstream priorities are the main contributors to the sustained growth of the Australia crude oil market. Divestments are turning out to be a good strategy as they free capital which is then reinvested into domestic exploration and production. Woodside Energy, in its announcement made in March 2025, revealed that it is selling its Greater Angostura assets to Perenco for AUD 206 million. The company is thus able to redirect the money towards projects like Scarborough and Sangomar. Such portfolio realignments firm up capital discipline and keep crude output increasing in the major Australian basins.

Integrated upstream investment increases feedstock for downstream demand

Ongoing investments in the Australia crude oil market are making the market more reliable in terms of supply for refineries and petrochemical plants that are the end-users of the oil chain. By implementing integrated projects, firms are aligning their production both with domestic and export needs. Shell plc, through its joint venture Arrow Energy, decided to go ahead with Phase 2 of the Surat Gas Project in Queensland in August 2024. The move is aimed at increasing condensate and oil-equivalent output for downstream consumption. Such expansions lay the groundwork for Australia to be a stable source of feedstock to the rest of the Asia-Pacific region.

Strategy shifts at global majors bolster supply-side capacity focus

One of the signs of an optimistic scenario for the Australia crude oil market expansion is the decision of global energy majors to proceed with the upstream investment commitments in the country’s resource-rich regions. BP in June 2024, took a step towards the future by turning its Kwinana Energy Hub project in Western Australia headway to the next stage. The main goal is to revamp the former refinery into an integrated fuels and energy hub that not only meets the requirements of transport fuels but also supports the crude import and processing activities. The company’s move is in line with a renewed theme of supply-side focus that is transforming and strengthening Australia’s refining and distribution capacities

Trading-house volume expansion improves market liquidity and export flows

Global commodity traders, especially those dealing in crude, are playing an increasingly significant role in the Australia crude oil market development, which is their regional export flows get facilitated. Viva Energy Group, at its Geelong Refinery, in an announcement made in April 2024, declared that it was expanding trading operations to include increased crude and condensate imports under long-term supply agreements. In such ways, by diversifying sourcing and strengthening logistics, the market liquidity gets improved and at the same time, Australia’s integration into Asia-Pacific crude trading networks gets fortified.

International oil companies deepen local roots to generate more upstream opportunities

The demand in the Australia crude oil industry is being continuously strengthened through the contributions of international oil companies that have set up and expanded their operations with the area. The major instance has been Equinor opening a new country office in Sydney in September 2023, with a primary focus on upstream and partnership opportunities evaluation in the Australian energy sector. The strategic relocation of the company serves the dual purpose of extending its influence in the region and conveying a message of long-term trust in Australia’s crude and condensate ​‍​‌‍​‍‌​‍​‌‍​‍‌prospects.

Australia Crude Oil Market Regional Analysis

By region, Queensland registers robust market growth

Queensland’s investment momentum is helping to modernize the crude oil supply through more resource-focused upstream and mid-stream developments for both domestic and export markets. As the need for stable feedstocks increases, resource projects are becoming more compatible with consumption trends. To illustrate, the Julia Creek Vanadium & Energy Project in Queensland has a considerable amount of in-situ oil resource along with vanadium ore, which supports the province' energetic-fuel as well as mineral production-fuel dual way. The rise of this transition puts Queensland on the map as a strategic supply base, thus propelling Australia’s crude oil and liquids ecosystem a step further.

On the other hand, as Victoria’s crude oil facilities have been going down over the years, the region is still very important for refining, logistics and supply-chain integration within Australia’s Energy Sector. Investments in asset control and operational efficiency indicate structural changes that are going on. For example, Woodside Energy announced in July 2025 that they would be the operator of the offshore oil and gas assets in Bass Strait Victoria, thus facilitating the management of both liquids and gas infrastructure. As such these changes help Victoria play its part better in the supply network, further increasing throughput capacity and downstream integration in Australia crude oil ​‍​‌‍​‍‌​‍​‌‍​‍‌market.

Competitive Landscape

Major Australia crude oil market players are focusing on operational efficiency, sustainability, and technological upgrades to enhance domestic output and export potential. Companies are investing in advanced seismic imaging, automated drilling, and enhanced oil recovery (EOR) techniques to optimize resource utilization. These efforts aim to extend the lifespan of mature fields, improve production reliability, and support Australia’s position as a competitive energy supplier in the Asia-Pacific region.

Furthermore, crude oil companies are integrating low-carbon strategies and refining innovations to align with Australia’s energy transition goals. Developments such as carbon capture utilization and storage (CCUS), biofuel co-processing, and digital monitoring systems are gaining traction across upstream and downstream operations. These initiatives not only reduce emissions but also strengthen the market’s ability to balance energy security with environmental responsibility, fostering sustainable growth in Australia’s evolving crude oil landscape.

Hess​‍​‌‍​‍‌​‍​‌‍​‍‌ Corporation

With its foundation in 1933 and main office in New York City, USA, the Hess Corporation is a leading global independent energy company that is focused on the exploration and production of crude oil and natural gas. The company is reputed in the Australia crude oil market and has operations in numerous major upstream areas globally but at the same time, it emphasizes sustainable development and growth that is capital efficient.

China Petrochemical Corporation (Sinopec)

Sinopec was set up in 1983 and its headquarters are in Beijing, China. The company is ranked as one of the largest integrated energy and chemical units in the world. The company's scope of operations includes oil and gas exploration, refining, petrochemicals, and marketing. In addition, the company is increasingly focusing on clean energy and expanding internationally.

ConocoPhillips Company

ConocoPhillips was established in 1917 and has its global headquarters in Houston, Texas. The company is among the top five independent exploration and production companies worldwide. It mainly concentrates on resource development, both conventional and non-conventional, and the delivery of energy solutions across Asia-Pacific and Australia crude oil market.

Nobel Energy Management LLC

Nobel Energy Management LLC which is based in Houston, Texas and was set up in 2007, is primarily engaged in energy investment, trading, and asset optimization in the upstream and midstream oil sectors. To broaden its global presence and improve energy value chains, the firm collaborates with international ​‍​‌‍​‍‌​‍​‌‍​‍‌operators.

Other player in the market includes Devon Energy Corporation, Marathon Oil Corporation, PJSC NK Rosneft, Saudi Arabian Oil Company (Saudi Aramco), Kuwait Petroleum Corporation, Horizon Oil Ltd, and Southern Oil.

Key Highlights of the Australia Crude Oil Market Report

• Historical performance and accurate forecasts through 2035, providing a clear view of production trends, consumption patterns, and pricing dynamics.
• Insights into product innovations and exploration technologies driving efficiency in crude extraction, refining, and distribution.
• In-depth competitive landscape profiling of leading domestic and international oil producers, traders, and service providers operating in Australia.
• Comprehensive regional analysis identifying emerging production hubs and infrastructure developments supporting market growth.
• An investment-focused outlook supported by robust data on upstream projects, refinery expansions, and energy transition initiatives.

Why Choose Expert Market Research?

• Trusted insights backed by extensive primary and secondary research from credible industry sources.
• Actionable data enabling strategic decision-making for investors, policymakers, and stakeholders.
• Region-wise and product-specific analysis providing detailed market segmentation and growth opportunities across Australia’s crude oil value chain.

Call to Action

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