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BCC: global market for oilfield exploration and production to reach almost $530B by 2023

A new report from BCC Research, “Oilfield Exploration & Production Markets: A BCC Research Outlook,” estimates that by 2023, the global market for oilfield exploration and production will reach $530.8 billion, up from $387.8 billion in 2018, indicating a compound annual growth rate (CAGR) of 6.5%.

Top leaders in oil and gas exploration and production include: Encana Corp., Chesapeake Energy, SandRidge Energy, and Anadarko Petroleum.

Among the findings of the report:

  • By 2023, the oil exploration market is expected to grow at a slower rate, 5.8% annually, than the oil production market which is estimated to see 6.6% annual growth.

  • North America maintains by far the largest regional market for Enhanced Oil Recovery technologies, advancing from $11 billion in 2017 to $17.8 billion in 2023, indicating a CAGR of 8.4%.

  • Oil drilling and completion technology are in a golden age, as they keep oil and gas prices “lower for longer.” Innovations have resulted in a technology that is efficient for hydrocarbon extraction from the most challenging and harsh environments.

Bigger oilfield service companies indicate that their customers are expressing a demand for technology that saves cash but assures flow. Major upstream oil and gas companies are incorporating the advantages of innovations in industrial Ethernet connectivity and advanced analytical software.

—BCC report

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