Global Oil & Gas Upstream Activities Market Trends 2024, Forecast To 2033
17 Jan, 2024
The oil and gas supporting activities market has demonstrated strong growth, increasing from $288.79 billion in 2023 to $310.09 billion in 2024, with a notable 7.4% CAGR. Historical growth is linked to factors such as oil prices, technological advancements, global energy demand, and geopolitical considerations. Anticipated growth continues, forecasting a market size of $397.02 billion in 2028, driven by considerations of energy transition, infrastructure investment, emerging markets, and environmental regulations. Key trends include mergers and acquisitions, digitalization, remote operations, hydrogen and alternative fuels, and a focus on carbon capture and storage (CCS).
Global Oil & Gas Upstream Activities Market Key Driver
Oil and gas extraction companies invest heavily in digital oilfield technology to enhance production efficiency. Digital oilfields integrate advanced software, hardware, and data analysis techniques for real-time data collection. Digital technologies, including 3D seismic imaging and reservoir modeling, optimize human resources and production profitability. Companies like Noble Corp, Statoil, and Apache Corp invest in digital oilfields to increase oil production and reduce operating expenses.
Get A Free Sample Of The Global Oil & Gas Upstream Activities Market ReportGlobal Oil & Gas Upstream Activities Market Segments
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
By Geography: 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. Among these regions
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.
Major Oil & Gas Upstream Activities Industry Players
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.
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Oil & Gas Upstream Activities Market Overview
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.
Oil & Gas Upstream Activities Global Market Report 2023 provides data on the global oil & gas upstream activities market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The oil & gas upstream activities market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.