DUBLIN, March 5, 2021 / PRNewswire / – The report “Global Upstream Oil and Gas Market Report 2021: Impact and Recovery of COVID-19 through 2030” has been added to ResearchAndMarkets.com from offer.
Leading companies in the upstream oil and gas market include Saudi Aramco; Rosneft; Kuwait Petroleum Corporation; ADNOC and Iraqi Ministry of Petroleum.
The global market for upstream oil and gas activities is expected to grow from $ 2,635.45 billion in 2020 at $ 3,335.52 billion in 2021 at a compound annual growth rate (CAGR) of 26.6%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that have resulted in operational challenges. The market is expected to reach $ 4,243.14 billion in 2025 at a CAGR of 6%.
The upstream oil and gas market consists of sales of crude oil and natural gas by entities (organizations, sole proprietorships or partnerships) that undertake the pre-refining activities of crude oil and gas production. natural. The market for upstream oil and gas activities is segmented into crude oil; natural gas; oil and gas well drilling services and oil and gas support activities.
Asia Pacific was the largest region in the global upstream oil and gas business market, accounting for 35% of the market in 2020. North America was the second largest region with 20% of the global upstream oil and gas market. Africa was the smallest region in the global upstream oil and gas market.
Oil and gas well drilling service providers use seismic technology to map and interpret potential hydrocarbon reserves. 4d seismic technology is used to track changes in the physical properties of reservoir rocks that are caused by changes in reservoir pressure, temperature and fluid saturation.
It tracks these changes by repeating 3D seismic surveys over time to create a time-lapse or 4D seismic image. This technology works as a tool to minimize drilling risk and maximize return on investment. For example, some of the major companies using this technology are Statoil, NTNU, and Chevron.
Oil and gas well drilling companies adopt 3D visualization systems to reduce project cycle times and increase drilling accuracy The 3D visualization system generates a 3D model of a wellbore and data from real-time drilling to monitor and optimize the drilling process. This system facilitates the automatic diagnosis of drilling problems and improves and streamlines collaboration by enabling geoscientists and drilling engineers to virtually locate, view and test drill sites, resulting in significant cost savings of up to to 20% and a reduction in non-productive drilling time by 20%. .
These systems are integrated with asset teams through software, making it easy to accurately and precisely place drill sites. For example, some of the top companies offering 3D visualization technologies include eDrilling, Hexagon, Mechdyne, and Landmark.
Oil and gas companies around the world are investing heavily in digital oilfield technology to improve oil and gas production. Digital Oilfields integrate advanced software, hardware, and data analysis techniques to collect real-time oilfield data.
They include visualization, product monitoring, integrated decision making and remote communication systems. Digital technologies in the oilfield include high performance drill bits, advanced electric submersible pumps, as well as 3D seismic imaging and reservoir modeling.
The digitization of oil fields facilitates the efficient use of human resources and thus optimizes the profitability of oil production. This technology changes the competitive landscape with the fact that an increase in production efficiency of ten percentage points can have an impact of $ 220 million at $ 260 million on the bottom row.
According to IHS CERA, the implementation of the digital oilfield results in an increase in oil production of 2-8% and a reduction in operating expenses of 5-25%. For example, some of the top companies investing in digital oil fields include Noble Corp, Statoil, and Apache Corp.
Main topics covered:
2. Structure of the report
3. Market characteristics of upstream oil and gas activities
4. Product analysis of the upstream oil and gas business market
5. Market supply chain for upstream oil and gas activities
6. Information on customers in the upstream oil and gas market
7. Market Trends and Strategies for Upstream Oil and Gas Activities
8. Impact of COVID-19 on upstream oil and gas activities
9. Market size and growth for upstream oil and gas activities
10. Regional analysis of the upstream oil and gas activities market
11. Market segmentation of upstream oil and gas activities
12. Market segments of upstream oil and gas activities
13. Market measures of upstream oil and gas activities
- Saudi Aramco
- Kuwait Petroleum Corporation
- Iraqi Ministry of Petroleum
For more information on this report, visit https://www.researchandmarkets.com/r/1r6c8b
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