Oil And Gas Upstream Activities Global Market Report 2024

The oil and gas supporting activities market size has grown strongly in recent years. It will grow from $288.79 billion in 2023 to $310.09 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth observed during the historical period in the oil and gas upstream activities sector can be attributed to several factors, including fluctuations in oil prices, advancements in technology that enhanced extraction and exploration capabilities, the rising global demand for energy resources, and geopolitical factors that influenced oil and gas production. These elements collectively contributed to the expansion of the industry.

The oil and gas supporting activities market size is expected to see strong growth in the next few years. It will grow to $397.02 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated expansion in the forecast period can be linked to the ongoing shift towards cleaner energy sources, increased investments in infrastructure, the rising significance of emerging markets, and the implementation of environmental regulations. Notable trends expected in the forecast period encompass heightened merger and acquisition activity, the continued digitalization and automation of operations, an increased focus on remote operations and offshore exploration, growing interest in hydrogen and alternative fuels, and the adoption of carbon capture and storage (CCS) technologies.

Oil and gas extraction companies worldwide are making substantial investments in digital oilfield technology to enhance their oil and gas production processes. Digital oilfields encompass advanced software, hardware, and data analysis tools for real-time data collection from the oilfield. These systems include components like visualization, production monitoring, integrated decision-making, and remote communication. The technology also incorporates tools such as high-performance drill bits, advanced electrical submersible pumps, and 3D seismic imaging for reservoir modeling. The digitization of oilfields optimizes human resource utilization, leading to increased profitability in oil production. It's worth noting that a mere 10% improvement in production efficiency can result in a significant impact of $220 million to $260 million on the bottom line. IHS CERA reports suggest that implementing digital oilfield technology can lead to a 2 to 8% increase in oil production and a 5 to 25% reduction in operating expenses. Notable companies investing in digital oilfields include Noble Corp, Statoil, and Apache Corp.

The primary categories within oil and gas upstream activities are crude oil production, natural gas production, oil and gas well drilling services, and oil and gas supporting activities. Crude oil is a naturally occurring petroleum product that consists of hydrocarbon deposits and other organic materials. It is extracted from the earth and subsequently refined into various products, including gasoline, jet fuel, and other petroleum derivatives. Drilling activities can be classified into offshore and onshore drilling, and they are utilized by various sectors, including crude petroleum and natural gas extraction.

The oil and gas upstream activities market research report is one of a series of new reports that provides oil and gas upstream activities market statistics, including oil and gas upstream activities industry global market size, regional shares, competitors with a oil and gas upstream activities market share, detailed oil and gas upstream activities market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas upstream activities industry. This oil and gas upstream activities market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The growth of the oil and gas upstream activities market is expected to be driven by the increasing number of oil and gas production wells. These wells are drilled to great depths into the Earth to extract oil and natural gas from underground reservoirs, playing a pivotal role in oil and gas upstream activities. As of July 2023, the International Energy Agency has reported a global total of 55,000 newly completed oil and gas production wells. This substantial increase in production wells contributes significantly to the growth of the oil and gas upstream activities market.

Oil and gas well drilling companies are adopting 3D visualization systems to expedite project timelines and enhance drilling precision. These systems create 3D models of wellbores and provide real-time drilling data for monitoring and optimizing the drilling process. They enable automatic diagnosis of drilling issues and improve collaboration among geoscientists and drilling engineers by offering virtual access to drilling sites. This results in noteworthy cost savings of up to 20% and reduces non-productive drilling time by 20%. These systems integrate with asset teams through specialized software, allowing for precise placement of drilling sites. Key companies providing 3D visualization technology include eDrilling, Hexagon, Mechdyne, and Landmark.

Major companies operating in the oil and gas upstream activities market are focused on developing innovative products like control valves to deliver reliable services to their customers. Control valves are used to manage fluid flow by adjusting the size of the flow passage in response to signals from controllers. For instance, in February 2022, CIRCOR International Inc., a U.S.-based manufacturer of highly engineered products, introduced the CIR 3100 control valve. This valve is customizable with various internal options and standard components, reducing inventory costs and maintenance expenses for applications in upstream, midstream, and downstream oil and gas operations. The CIR 3100 control valve is designed for precise control of fluid flows such as gas, steam, water, or chemicals, helping maintain process variables close to the desired set points, especially for demanding applications.

Major companies operating in the oil and gas upstream activities market include Iraq Ministry of Oil, Gazprom PAO, Saudi Aramco, National Iranian Oil Company, Royal Dutch Shell, Rosneft, Schlumberger Ltd., Equinor, Gazprom Neft, Chevron, Schlumberger Limited, Halliburton Company, Baker Hughes Company, National Oilwell Varco Inc., Weatherford International PLC, TechnipFMC PLC, Seadrill Limited, Helmerich & Payne Inc., Precision Drilling Corporation, Nabors Industries Ltd., Patterson-UTI Energy Inc., Superior Energy Services Inc., RPC Inc., Expro Group, Aker Solutions ASA, Core Laboratories N.V., Tidewater Inc., Bristow Group Inc., Oceaneering International Inc., Archer Limited, GulfMark Offshore Inc., ProPetro Holding Corp., Helix Energy Solutions Group Inc., Transocean Ltd., Pacific Drilling S.A., Rowan Companies PLC, Diamond Offshore Drilling Inc., Noble Corporation PLC, Ensco Rowan PLC, TransAtlantic Petroleum Ltd.

Asia-Pacific was the largest region in the oil & gas upstream activities market in 2023. North America was the second largest region in the oil & gas upstream activities market. The regions covered in the oil & gas upstream activities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the oil and gas upstream activities market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The oil and gas upstream activities market includes revenues earned by entities by onshore drilling services, offshore drilling services, well maintenance, exploration and well developing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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