Oil & Gas Upstream Activities Market To Grow At A Higher Rate

Posted by ananth on January 24th, 2019

The Business Research Company’s oil & gas upstream activities global market report, covers the year-on-year growth of the global oil & gas upstream activities market historic and forecast growth. It also includes chapters on the oil & gas upstream activities market trends, geographical analysis, and competitive landscape.

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The global oil & gas upstream activities market is forecast to grow at a CAGR (compound annual growth rate) of more than 4% to 2022.

Oil & Gas Upstream Activities Market Trends

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.

The oil and gas industry is adopting EOR techniques to improve oil recovery factor, which was found to be very low at 40%. Enhanced oil recovery is a tertiary method of recovery used to increase the amount of oil recovered from a particular deposit. Three main types of EOR include thermal recovery, gas injection, and chemical injection. Thermal recovery involves injection of steam to lower the viscosity of oil; gas injection uses natural gas, nitrogen or CO2; whereas chemical injection involves use of polymers. The application for CO2-EOR is gaining popularity because of the potential for sequestering CO2 while improving recovery of hydrocarbons. For instance, according to US department of energy, utilizing EOR methods can increase production from a well to up to 75% recovery.

The global oil & gas upstream activities market is primarily driven by favorable government policies, and increasing funding.

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The global oil & gas upstream activities market report covers the following regions under the geographical analysis section: Asia Pacific, Western Europe, North America, Middle East, Africa, South America, and Eastern Europe. Major countries under each of these regions are also covered under the country analysis chapters.

With greater stability in the oil and gas industry and increased demand from developing nations, the global oil & gas upstream activities market is expected to increase in potential and scope. TBRC’s report also covers the oil & gas upstream activities drivers and restraints in the market.

The global oil & gas upstream activities market’s segment shares in each geographic region are mentioned in the report, along with the historic and forecast growth rates for each segment presented visually with supporting reasons to justify the growth rates.

The top companies included in the global oil & gas upstream activities market report are Saudi Aramco, Rosneft, Kuwait Petroleum Corporation, ADNOC, and Iraq Ministry of Oil.

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