Oil and Gas Upstream Activities Market 2020 Global Insights and Business Scenario – Saudi Aramco; Rosneft; Kuwait Petroleum Corporation; ADNOC; Iraq Ministry of Oil

The Oil & Gas Upstream Activities Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. We analyzed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.

The global oil & 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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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Oil & Gas Upstream Activities Market: Saudi Aramco; Rosneft; Kuwait Petroleum Corporation; ADNOC; Iraq Ministry of Oil

Market Segmentation

1) By Type: Crude Oil; Natural Gas; Oil And Gas Wells Drilling Services; Oil And Gas Supporting Activities

Subsegments Covered: Onshore Drilling Services; Offshore Drilling Services; Well Maintenance; Exploration; Well Developing

20 March 2020: Aramco’s upstream comes into focus

The Saudi energy ministry’s directive for state-owned Saudi Aramco to increase its maximum sustainable capacity (MSC) by 1mn bl/d to 13mn bl/d will be a challenge for the company given financial pressures and competing upstream priorities. The immediate trigger for the directive, issued on 11 March, was the price war launched just days earlier when Opec+ talks failed to prolong production cuts. The economic backdrop was further weakened by the Covid-19 pandemic. Aramco did not disclose a timeframe for bringing the additional capacity online or say where it would come from. But the company began by digging into existing spare capacity and inventories to raise output by roughly 2.5mn bl/d to a historic high of 12.3mn bl/d. Aramco claims such levels could be maintained for up to a year without additional capex. However, this seems improbable given the dangerous lack of production flexibility inherent in pumping full-tilt. There is an additional uncertainty around how the impact on the state budget of c.$30/bl oil would translate to Aramco’s finances.

20 February 2019: Saudi Arabia shores up its long-term upstream strategy

Riyadh is positioning Aramco for an upstream future with an expanded role for gas projects and overseas ventures. Saudi Arabia is making good on its promise to the Organization of the Petroleum Exporting Countries (Opec) and non-Opec countries by shouldering the bulk of the 800,000 barrels-a-day (b/d) of output cuts stipulated for the oil producers’ group.

Indeed, the Kingdom produced 10.2 million b/d in January and has promised to pump even less, at 10.1 million b/d, in February – a rate significantly below the 10.33 million b/d ceiling agreed upon during the Opec+ meeting in Vienna in December last year. And according to Saudi Energy Minister and Saudi Aramco chairman Khalid al-Falih, the Kingdom will continue to produce less than its quota through to June, when the Opec+ agreement is due for review, in an effort to keep crude prices favourable for all producers. However, even as Saudi Arabia has reduced its output of crude oil, late 2018 and early 2019 has seen Riyadh take key steps to strengthen the position of Saudi Aramco in the upstream sector.

27.11.2018: Saudi Aramco to invest over $100B in petrochemicals

Saudi Aramco will invest more than $100 billion in petrochemicals over the next decade in an effort to make its downstream business as prominent as its upstream operations, the state-owned company’s president and CEO, Amin H. Nasser said Tuesday. Nasser's remarks came during a keynote speech delivered at the 13th annual Gulf Petrochemicals and Chemicals Association (GPCA) Forum in Dubai, United Arab Emirates, according to a statement from the company. The three-day downstream-focused event started on Monday, and hosts more than 2,000 delegates from almost 600 companies in 50 countries.

Nasser told delegates attending the forum that a key Saudi Aramco objective was to bring its downstream business to the same prominence as its upstream, as the company underwent substantial expansions in refining, marketing and lubes. Nasser highlighted chemicals as the most promising element of the company's downstream strategy and added that chemicals would represent about one-third of world oil demand growth between now and 2030, and nearly half by 2050.

Key Market Trends

Asia Pacific was the largest region in the global oil & 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 & gas upstream activities market. Africa was the smallest region in the global oil & gas upstream activities market.

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.

Influence Of The Oil & Gas Upstream Activities Market Report:

-Comprehensive assessment of all opportunities and risk in the Oil & Gas Upstream Activities market.
- Oil & Gas Upstream Activities market recent innovations and major events.
-A detailed study of business strategies for growth of the Oil & Gas Upstream Activities market-leading players.
-Conclusive study about the growth plot of Oil & Gas Upstream Activities market for forthcoming years.
-In-depth understanding of Oil & Gas Upstream Activities market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the Oil & Gas Upstream Activities market.

The report has 150 tables and figures browse the report description and TOC:
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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 regional scale.

Analytical Tools: The Oil & 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.

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.

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