Overview and Scope
The oil and gas upstream activities undertake the pre-refining activities of crude oil and natural gas production. The oil and gas upstream activities includes drilling onshore and offshore as well as exploration activities like geological survey creation and land rights acquisition.
Sizing and Forecast
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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Segmentation & Regional Insights
The oil and gas upstream activities market covered in this report is segmented –
1) By Type: Crude Oil, Natural Gas, Oil And Gas Wells Drilling Services, Oil And Gas Supporting Activities
2) By Drilling Type: Offshore, Onshore
3) By End-User: Crude Petroleum Comprises, Natural Gas Extraction Comprises
Subsegments Covered: Onshore Drilling Services, Offshore Drilling Services, Well Maintenance, Exploration, Well Developing
Asia-Pacific was the largest region in the oil & gas upstream activities market in 2023. North America was the second largest region in the oil & gas upstream activities market. The regions covered in the oil & gas upstream activities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the oil and gas upstream activities market include 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.
The oil and gas upstream activities market report table of contents includes:
1. Executive Summary
2. Oil And Gas Supporting Activities Market Characteristics
3. Oil And Gas Supporting Activities Product/Service Analysis -Product/Service Examples
4. Oil And Gas Supporting Activities Market Trends And Strategies
5. Oil And Gas Supporting Activities Market – Macro Economic Scenario
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26. Germany Oil And Gas Supporting Activities Market
27. France Oil And Gas Supporting Activities Market
28. Italy Oil And Gas Supporting Activities Market
29. Spain Oil And Gas Supporting Activities Market
30. Austria Oil And Gas Supporting Activities Market
Top Major Players:
- Schlumberger Ltd
- TechnipFMC plc
- Saipem S.p.A
- Halliburton
- Weatherford International plc
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