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Global Oil & Gas Upstream Market 2024: Size, Share & Emerging Trends
Oil And Gas Upstream Activities Global Market Report 2024
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According to The Business Research Company's, The oil & gas upstream activities market size has grown strongly in recent years. It will grow from $4285.01 billion in 2023 to $4578.99 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to oil prices, technological advancements, global energy demand, geopolitical factors.
The oil & gas upstream activities market size is expected to see strong growth in the next few years. It will grow to $5738.89 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to esg (environmental, social, and governance) considerations, government policies and climate agendas, infrastructure development, market volatility. Major trends in the forecast period include energy transition and diversification, digitalization and data analytics, hydraulic fracturing and unconventional resources, carbon management and emissions reduction.
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Market Drivers and Trends:
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 modeling. 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 an increase in oil production by 2 to 8%and reduction in operating expense by 5 to 25%. For Instance, some of the major companies investing in digital oilfields include Noble Corp, Statoil, and Apache Corp.
Oil and gas well drilling companies are adopting 3D visualization systems to reduce project cycle times and increase drilling accuracy.3D visualization system generates a 3D model of a wellbore and real-time drilling data to monitor and optimize drilling process. This system facilitates automatic diagnosis of drilling problems and improves and streamlines collaboration by allowing geoscientists and drilling engineers to virtually locate, see, and test drilling sites, resulting in significant cost savings of up to 20% and reduction in non-productive drilling time by 20%. These systems are integrated with asset teams by means of software, thus facilitating precise and accurate placement of drill sites. For Instance, some of the major companies offering 3D visualization technology companies include eDrilling, Hexagon, Mechdyne and Landmark.
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Major Key Players of the Market:
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.
Oil And Gas Upstream Activities Market 2024 Key Insights:
• The oil & gas upstream activities market size is expected to see strong growth in the next few years. It will grow to $5738.89 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• The Rise Of Digital Oilfield Technology
• The Adoption Of 3D Visualization Systems In Oil And Gas Well Drilling
• Asia-Pacific was the largest region in the oil & gas upstream activities market in 2023
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