Press release
Oil and Gas Market: Powering the Future! Detailed Market Share, Trends, and Competitive Insights Fueling Global Energy Demand
Oil And Gas Market
As per the report, the oil and gas market size has grown strongly in recent years. It will grow from $7188.25 billion in 2023 to $7625.82 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The oil and gas market size is expected to see strong growth in the next few years. It will grow to $9347.9 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
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Positive Impact Of Low Interest Rates On The Oil And Gas Industry In Developed Countries
Low interest rates in most developed countries will positively impact the oil and gas industry during the forecast period. For instance, in September 2023, UK decreased the interest rates to 0.1% which was the lowest ever and remained at this level until December 2021. Furthermore, other central banks of countries such as North Macedonia, South Africa, Malaysia, Kenya, Argentina, Ukraine, Sri Lanka, and Azerbaijan, as well as Turkey also decreased their interest rates in 2021.
Leveraging Big Data Analytics And Artificial Intelligence For Enhanced Decision-Making In The Oil And Gas Industry
Major companies in the oil and gas industry are looking into big data analytics and artificial intelligence (AI) to enhance decisions making abilities and thus drive profits. The companies in this industry gather huge amounts of raw data relating to the working of refineries, pipelines, and other infrastructure through many sensors placed across the oil rig. Using big data analytics, the companies can detect patterns which can allow them to quickly react to unwanted changes or potential defects, thus saving costs. AI allows the companies to take better drilling and operational decisions. Companies such as ExxonMobil and Shell have been increasingly investing in AI technology to have a centralized method of data management and support data integration across multiple applications. Other companies such as Sinopec, a Chinese chemical and petroleum corporation, has announced its decision to construct 10 intelligent centers to help in reducing operation costs by 20%.
The oil and gas market covered in this report is segmented -
1)By Type: Oil & Gas Upstream Activities, Oil Downstream Products
2) By Drilling Type: Offshore, Onshore
3) By Application: Residential, Commercial, Industrial, Other Applications
Sub segments: Crude Oil, Natural Gas, Oil And Gas Wells Drilling Services, Oil And Gas Supporting Activities, Refined Petroleum Products, Asphalt, Lubricating Oil And Grease
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Major companies operating in the oil and gas market report are Sinopec, Saudi Aramco, Exxon Mobil, Chevron, Total SA, PetroChina, BP plc, Royal Dutch Shell, Valero Energy Corp, PJSC Gazprom, Indian Oil Corporation Limited, Oil and Natural Gas Corporation, Bharat Petroleum, Reliance Petroleum Ltd, Eneos Holdings, China National Petroleum Corporation, Shaanxi Yanchang Petroleum, Sinochem Group, China National Offshore Oil Corporation, TotalEnergies SE, Wintershall Dea GmbH, Repsol SA, Glencore International AG, Eni SpA, Edison, Enel X, Erg, Rosneft Oil Co, Lukoil Oil Co, Surgutneftegas, Tatneft, Novatek, Irkutsk Oil Company, OMV Petrom, PKN Orlen, Lotos Group, Moravské naftové doly, ConocoPhillips, Anadarko Petroleum Corporation, Occidental Petroleum Corporation, EOG Resources, Cimarex Energy, Pioneer Natural Resources, Suncor Energy Inc, Cenovus Energy Inc, Canadian Natural Resources Limited, AltaGas Ltd, Petrobras (Petróleo Brasileiro S.A.), QGEP Participações S.A., Petrogal Brasil S/A, Petronas Petróleo Brasil Ltda, EQUINOR ENERGY DO BRASIL LTDA., Emirates National Oil Company (ENOC), Dubai Petroleum., Emirates General Petroleum Corporation (Emarat), Abu Dhabi National Energy Company (TAQA), Abu Dhabi National Oil Company (ADNOC), EMDAD Services LLC., Crescent Petroleum., Dana Gas., Egyptian General Petroleum Corporation, Egyptian Natural Gas Holding Co, Nigerian National Petroleum Corporation, Aiteo, Sasol Limited, Engen Petroleum Limited, African Exploration Mining and Finance Corporation, Tullow Oil, National Oil Corporation of Kenya.
Contents of the report:
1. Executive Summary
2. Oil And Gas Market Report Structure
3. Oil And Gas Market Trends And Strategies
4. Oil And Gas Market - Macro Economic Scenario
5. Oil And Gas Market Size And Growth
…..
27. Oil And Gas Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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