The global oil & gas upstream activities market size is expected to grow from $3.57 trillion in 2021 to $3.93 trillion in 2022 at a compound annual growth rate (CAGR) of 10.5%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The oil and gas upstream activities market is expected to reach $5.66 trillion in 2026 at a CAGR of 9.5%.
What is the Global Oil & Gas Upstream Activities Market?
The oil and gas upstream activities market consists of sales of crude oil and natural gas by entities (organizations, sole traders or partnerships) that undertake the pre-refining activities of crude oil and natural gas production.
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What drives the Global Oil & Gas Upstream Activities Market?
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 modelling. 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 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.
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Global Oil & Gas Upstream Activities Market Segments
The global oil & gas upstream activities market is segmented:
By Type: Crude Oil, Natural Gas, Oil And Gas Wells Drilling Services, Oil And Gas Supporting Activities
By Drilling Type: Offshore, Onshore
By End-User: Crude Petroleum Comprises, Natural Gas Extraction Comprises
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.
Oil & Gas Upstream Activities Global Market Report 2022provides market size and growth forecasts for the global oil & gas upstream activities market, global oil & gas upstream activities market share, oil & gas upstream activities market segments and geographies, oil & gas upstream activities market competitive landscape including leading competitors’ revenues, profiles and market shares. The oil & gas upstream activities market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Oil & Gas Upstream Activities Industry Players include Iraq Ministry of Oil, Gazprom PAO, Saudi Aramco, National Iranian Oil Company, Royal Dutch Shell, Rosneft, Schlumberger Ltd., Equinor, Gazprom Neft, and Chevron. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
