Key success factors and Market Overview of Oil And Gas Global Market

Posted November 15, 2018 by vamshi1

The global oil and gas market was valued around $5384 billion in 2017.

Oil And Gas Global Market Size:

Asia Pacific was the largest region in the oil and gas market in 2017, accounting for around 35% of the total market. The USA was the largest country in the market accounting for around 19% of the total market.

Oil And Gas Global Market Overview:

The oil and gas industry has improved its technology or leveraged that of its service suppliers to match with the world’s increasing hydrocarbon demand. Many oil and gas companies have made use of digitization, IoT and robotics to increase production with limited investment. These technologies enabled oil and gas companies to substantially decrease production costs and increase production volumes.   For instance, Shell saved about $1 million from its Nigerian operations by placing monitoring devices on its wellhead equipment to monitor operating conditions in the well, thus indicating the role of IT technologies to reduce production costs and increase production volumes.

Asia Pacific was the largest region in the oil and gas market in 2017, accounting for one-third of the market share. This can be attributed to large consumer base and major economic development in countries such as India and China.

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According to The Business Research Company’s Consultant, Nitin Gianchandani, oil and gas production from shale basins using hydraulic fracturing and horizontal drilling techniques has increased crude output to the highest levels in the US. Hydraulic fracturing and horizontal drilling techniques have changed the risk profile of drilling for oil and gas. Large shale basins are yet to be developed in many countries, once they are developed the demand and supply curve of oil and gas will significantly increase global oil and gas supplies, thereby decreasing oil and gas prices.

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Saudi Aramco was the largest competitor in the oil and gas market, with revenues of $245.0 billion in 2016. To overcome the low oil price conditions prevailing in the oil and gas industry, Aramco is taking advantage of downstream industry. As a part of its growth strategy, it is building additional refining capacity to capture more value from refining products. The company is also integrating energy and chemicals businesses to maximize income and reinforce its position in the global oil and gas industry.

The oil and gas industry includes exploration, extraction, drilling, refining, transportation of oil and gas. Oil and gas market in this report is segmented into oil and gas upstream activities and oil and gas downstream activities. The upstream segment includes exploration, field development and production operations. The downstream segment includes manufacturing, crude oil refining and marketing of oil and gas products.

Oil And Gas Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $8000 for an individual user. To use across your office, the price is $12000 and $16000 if you wish to use across a multinational company.

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Last Updated November 15, 2018