What is Offshore Oil And Gas Market Scope?
Offshore oil and gas refer to the operation associated with oil, natural gas, or condensate field under the sea or ocean. Offshore drilling is carried out to explore and extract petroleum lies in rock formations beneath the seabed. The increasing demand for electricity due to increasing automation and the use of machinery and equipment in the industrial sector has created a huge demand for fuel for electricity generation. Further, the US gets most of the oil and natural gas from offshore wells, which will create significant opportunities for the oil & gas sector.
The Offshore Oil And Gas market study is being classified by Type (Crude Oil {Heavy Crude Oil, Light Crude Oil} and Liquefied Natural Gas (LNG)) and major geographies with country level break-up.
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth.
Chevron Corporation (United States), SBM Offshore (Netherlands), ExxonMobil (United States), Equinor (Norway), Eni S.p.A. (Italy), Royal Dutch Shell (Netherlands), Reliance Industries (India), BP (United Kingdom), Adani Welspun (India), ConocoPhillips (United States), TotalEnergies (France) and Petrobras (Brazil) are some of the key players profiled in the study.
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Offshore Oil And Gas market by Type, Application and Region.
On the basis of geography, the market of Offshore Oil And Gas has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In April 2021, Reliance Industries and BP started the production of from Satellite Cluster gas field in block KG D6 offshore eastern India to meet growing gas demand. With collaboration, both the company will produce gas from four reservoirs via five wells with peak production and will deliver approximately 1 bcf/d by 2023.
Influencing Market Trend
- The Use of Advanced Technologies for New Exploration and Production of Oil & Gas
Market Drivers
- Increasing Demand for Crude Oil and Other Petroleum Products
- High Consumption of Fuels to Generate Electricity
Opportunities
- Shifting Towards Coal to Gas Fuel Will Create New Business Opportunities
Restraints
- Government’s Stringent Regulations over Offshore Drilling Due to Impact on Aquatic Life
Challenges
- The Adoption of Renewable Energy Resources May Hamper the Growth
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Offshore Oil & Gas Providers, Offshore Oil & Gas Drilling Service Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and Others
Customization available in this Study:
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