The crude oil and natural gas extraction industry comprises establishments engaged in crude petroleum and natural gas extraction and natural gas liquid extraction.
The top five companies covered are Saudi Aramco, Rosneft, Kuwait Petroleum Corporation, ADNOC and Iraq Ministry of Oil. Saudi Aramco was the largest competitor in the crude oil and natural gas extraction market in 2017.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
Crude Oil and Natural Gas Market Size
The global crude oil and natural gas market was valued at around $2.5 trillion in 2017. Asia Pacific was the largest region in the crude oil & natural gas market in 2017, accounting for nearly 35% market share. The USA was the largest country in the market in 2017, accounting for nearly 20% market share.
Crude Oil and Natural Gas Market Trend
Crude oil and natural gas extraction companies around the world are investing heavily in digital oilfield technology to enhance crude oil and natural 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.
Crude Oil and Natural Gas Market Segmentation
The crude oil and natural gas market is segmented into Crude Oil Extraction and Natural Gas Extraction.
Crude Oil Extraction industry includes companies carrying out exploration, development and production of petroleum and natural gas by using pumping technologies and systems.
Natural Gas Extraction includes companies extracting liquid hydrocarbons from crude oil and natural gas field gases. These companies are also involved in sulfur recovery from natural gas.