Offshore Oil & Gas Market - Most Competitive Forces in the Offshore Oil & Gas Industry

Oil and Gas are the major source of the world's energy in the 21st century and are naturally occurring petroleum products extracted from the earth’s crust used extensively in automobiles, machineries and utility products. The demand for oil and gas was earlier met through various onshore methods of oil and gas extraction. However, exhaustion of onshore oil reserves and increasing energy demand, have given rise to offshore techniques.

Offshore production began in 1940's offshore Louisiana and has increased tremendously over last six decades. Offshore production represents the process of oil and gas extraction that takes place mostly in the seabed and oceans. Oil and gas are extracted from the wells and transferred through ships and pipelines to refineries. Approximately 30 percent of world’s oil and gas production is extracted from offshore and is expected to increase significantly over the forecast period.

Rising demands for oil & gas, increase in their applications as well as emergence of innovative techniques in offshore production are the major factors propelling the growth of offshore oil & gas industry. The current market trends for the offshore oil and gas market includes technological advances for developing oil reserves, well log interpretation and the development of well-simulation models. Extending the service life span and redevelopment of aging reservoirs as well as discovery of new oilfields are the opportunities for positive industry growth over the forecast period.

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The global offshore oil and gas market is bifurcated based on the type of drilling, platform, offerings and region. Based on the type of drilling, the offshore oil and gas industry is further segmented as shallow water drilling and deep water drilling. Shallow water drilling is done near the coastal areas or sea shores which are few feet deep, while the deep water drilling is done in the deep seas with the depth of thousand feet.

Based on the settlement of production platform, the offshore oil and gas market is divided into fixed platforms and floating platform. Fixed platforms are attached to the seafloor and have legs resting on the seafloor. These legs are constructed of concrete or steel. This platform is very stable owing to limited exposure to movements by wind and water forces. The platforms cannot be used in deep water since; it is very costly to build such long legs. Fixed platforms were initially used for the offshore development, but as the oil fields have gone deeper, the application of fixed platform has decreased. Floating platform has become the major solution for offshore production and is preferred as these platforms can be moved from one place to another. Further, the floating platform segment of the global offshore oil and gas market is divided into, four types of floating production facilities, which includes floating production storage and offloading (FPSO) vessels, tension leg platforms (TLPs), spars and semi-submersibles.

Based on the offerings, the offshore oil and gas industry is categorized as services and product & components. Few companies offer facilities required for the production and focus on finding, augmenting and merchandising different types of oil and gas and other services. These facilities include well intervention services, and well completion services. While the product and components include the key components utilized during the process of drilling.

The offshore oil and gas market has been bifurcated geographically into five regions; this includes North America, Europe, Asia Pacific, Middle East & Africa and Latin America. It also includes countries/regions such as the U.S, the U.K., Germany, France, Japan, China, India, GCC, North Africa, South Africa and Brazil. Improvements are taking place at the Golden Triangle area near Brazil, the US Gulf of Mexico and West Africa, and are expected to speed up during 2019. In West Africa, huge number of projects in Angola and Nigeria are poised whereas in Mexico, six out of nine deep-water oil auctions were carried successfully.

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The major companies that provide offshore oil and gas facilities include ExxonMobil, Royal Dutch Shell, Chevron, PetroChina, Technip, Schlumberger, Baker Hughes, Halliburton, Transocean, NOV, Weatherford International Ltd., Calfrac Well Services Ltd. among all the others. These companies are highly focused on research and development and offering innovative solutions in the offshore oil and gas industry. For Instance, Transocean is drilling deep-water wells faster as compared to other players. Also, Borr Drilling and Schlumberger together have agreed to offer integrated and performance-based drilling contracts. The idea behind partnering over this agreement is to leverage Schlumberger’s expertise with Borr Drilling’s modern jack up fleet.

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