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