Press release
Oil and Gas Upstream Activities Market Size, Status and Industry Outlook 2020 to 2030 | Saudi Aramco, Rosneft, Kuwait Petroleum Corporation, ADNOC, Iraq Ministry of Oil
Oil and Gas Upstream Activities Market
Asia Pacific was the largest region in the global Oil and Gas Upstream Activities market, accounting for 33% of the market in 2019. North America was the second largest region accounting for 20% of the global Oil and Gas Upstream Activities market. Africa was the smallest region in the global Oil and Gas Upstream Activities market.
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Scope of the Report:
1) By Type: Crude Oil; Natural Gas; Oil And Gas Wells Drilling Services; Oil And Gas Supporting Activities
Sub-segments Covered: Onshore Drilling Services; Offshore Drilling Services; Well Maintenance; Exploration; Well Developing
Companies Mentioned: Saudi Aramco; Rosneft; Kuwait Petroleum Corporation; ADNOC; Iraq Ministry of Oil
Metrics Covered: Number of Enterprises; Number of Employees
Countries: Argentina; Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia; Czech Republic; Denmark; Egypt; Finland; France; Germany; Hong Kong; India; Indonesia; Ireland; Israel; Italy; Japan; Malaysia; Mexico; Netherlands; New Zealand; Nigeria; Norway; Peru; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UAE; UK; USA; Venezuela; Vietnam
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Market Insights:
Oil and gas extraction companies around the world are investing heavily in digital oilfield technology to enhance oil and gas production. Digital oil fields integrate advanced software, hardware, and data analysis techniques to collect real-time data from the oilfield. They consist of visualization, product surveillance, integrated decision making, and remote communication systems. Digital technologies in oil fields include high-performance drill bits, advanced electrical submersible pumps, and 3D seismic imaging and reservoir modelling. Oilfields digitization facilitates efficient utilization of human resources and thus optimizes the profitability of oil production. This technology is changing the competitive landscape with a fact that an increase in production efficiency by ten percentage points can yield an impact of $220 million to $260 million on the bottom-line. According to IHS CERA, digital oilfield implementation leads to increase in oil production by 2 to 8%and reduction in operating expense by 5 to 25%.
The oil and gas upstream activities market consists of sales of crude oil and natural gas by entities (organizations, sole traders or partnerships) that undertake the pre-refining activities of crude oil and natural gas production. This is segmented into crude oil and natural gas pre-refining activities, oil and gas wells drilling services, and oil and gas supporting activities.
The global Oil and Gas Upstream Activities market is expected to decline from $3850.1 billion in 2019 to $2194.9 billion in 2020 at a compound annual growth rate (CAGR) of -43%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $2555 billion in 2023.
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What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Oil and Gas Upstream Activities Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.
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Note: All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supplychain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.
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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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