Oil & Gas Upstream Activities Market Characteristics
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. This is segmented into crude oil and natural gas pre-refining activities, oil and gas wells drilling services, and oil and gas supporting activities.
Competitive Landscape of the Oil & Gas Upstream Activities Market
Major players in the global oil and gas upstream activities market include Saudi Aramco, Kuwait Petroleum Corp., Rosneft OAO, Iraq Ministry of Oil, National Iranian Oil Company, Exxon Mobil Corp., Statoil ASA, Royal Dutch Shell PLC, and BP Plc.
Oil & Gas Upstream Activities Market Size
The oil and gas upstream activities market size is expected to reach $3.5 trillion by 2022, significantly growing at a CAGR of around 4% during the forecast period. The growth in the oil and gas upstream activities market is due to increased global economic activity, advance drilling technologies and low fuel prices.
However, the market for oil and gas upstream activities is expected to face certain restraints from several factors such as regulations surrounding carbon emissions and unstable global oil prices.
Oil & Gas Upstream Activities Market Segmentation
The global oil and gas upstream activities market is further segmented based on type and geography.
By Type - The oil and gas upstream activities market is segmented into crude oil & natural gas, oil and gas wells drilling services, oil and gas supporting activities, among these segments, the oil and gas wells drilling services market accounts for the largest share in the global oil and gas upstream activities market.
By Geography - The global oil and gas upstream activities is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-pacific oil and gas upstream activities market accounts the largest share in the global oil and gas upstream activities market.
Trends in the Oil & Gas Upstream Activities Market
Self-assembling rigs, rig-less plugging and abandoning (P&A) and era of digital oilfields are the major trends witnessed in the global oil and gas upstream activities market.
Potential Opportunities in the Oil & Gas Upstream Activities Market
With greater stability in the oil and gas industry and increased demand from developing nations is expected to drive the oil and gas upstream market, the scope and potential for the global oil and gas upstream activities market is expected to significantly rise in the forecast period.
