Key companies in the upstream oil and gas market include the Iraqi Ministry of Petroleum, Gazprom PAO, Saudi Aramco, National Iranian Oil Company, Royal Dutch Shell, Rosneft, Schlumberger Ltd., Equinor, Gazprom Neft, and Chevron.
New York, March 24, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Oil & Gas Upstream Activities Global Market Report 2022” – https://www.reportlinker.com/p06247576/?utm_source=GNW
The global upstream oil and gas market is expected to grow from $3,567.49 billion in 2021 to $3,934.81 billion in 2022 at a compound annual growth rate (CAGR) of 10.5%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $5,663.36 billion in 2026 with a CAGR of 9.5%.
The upstream oil and gas market includes the sales of crude oil and natural gas by entities (organizations, sole proprietorships or partnerships) that undertake the pre-refining activities of crude oil and natural gas production.
The main types of upstream oil and gas activities are crude oil, natural gas, oil and gas well drilling services, oil and gas support activities. Crude oil is a natural petroleum product composed of hydrocarbon deposits and other organic materials that is extracted from the earth and refined into gasoline, jet fuel and other petroleum products. The different types of drilling include offshore, onshore and are used by various sectors such as crude oil includes, natural gas extraction includes
Asia-Pacific was the largest region in the upstream oil and gas market in 2021. North America was the second largest region in the upstream oil and gas market.
Regions covered in Upstream Oil and Gas Market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle -East and Africa.
Oil and gas extraction companies around the world are investing heavily in digital oilfield technology to improve oil and gas production. Digital oilfields incorporate advanced software, hardware, and data analysis techniques to collect real-time data from the oilfield.
They consist of 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 oilfields 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 a bottom-double impact of $220-260 million.
According to IHS CERA, the implementation of a digital oil field results in an increase in oil production of 2 to 8% and a reduction in operating expenses of 5 to 25%. For example, some of the big companies investing in digital oilfields include Noble Corp, Statoil, and Apache Corp.
Oil and gas well drilling companies are adopting 3D visualization systems to reduce project cycle times and increase drilling accuracy. The 3D visualization system generates a 3D model of a wellbore and real-time drilling data to monitor and optimize the drilling process. This system facilitates automatic diagnosis of drilling problems and improves and streamlines collaboration by allowing geoscientists and drilling engineers to virtually locate, view and test drill sites, resulting in significant cost savings of up to 20 % and a reduction in non-productive drilling time by 20%. These systems are integrated with asset crews through software, facilitating the precise and accurate placement of drill sites. For example, some of the leading companies offering 3D visualization technologies include eDrilling, Hexagon, Mechdyne, and Landmark.
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 pressure, temperature, and fluid saturation within the reservoir. 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 leading companies using this technology include Statoil, NTNU, and Chevron.
The countries covered in the upstream oil and gas market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark , Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States, Venezuela and Vietnam .
Read the full report: https://www.reportlinker.com/p06247576/?utm_source=GNW
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