Australia Offshore Drilling Market Overview, 2029

Australia Offshore Drilling Market Overview, 2029

The offshore drilling industry in Australia includes the production, development, and exploration activities carried out in offshore waters. To explore the oil and gas deposits under the surface, sophisticated drilling techniques and equipment are used. The key players in the market include drilling contractors, service providers, and both domestic as well as foreign oil and gas firms. The offshore drilling sector in Australia has seen major changes over the years due to shifting laws and regulations, shifting consumer preferences, and advancements in drilling technology. This industry had gone with constant transformation in an effort to boost output and boost efficiency. Transitioning from conventional drilling techniques to utilizing contemporary technologies, the strategies like directional drilling and subsea completion. Australia's offshore drilling industry has grown immensely which results in increasly hydrocarbon prices, rising energy demand as well as the finding of new deposits. Further growth in the industry has been fueled by technological breakthroughs that have also been instrumental in making resources that were previously unavailable accessible. The market may fluctuate from time to time, but long-term development prospects are still bright. Based on the most recent statistics, the North West Shelf, Browse Basin, Timor Sea, and Bass Strait are the main locations of active drilling machines in Australia's offshore industry. These equipments supports continuous operations across numerous offshore fields by participating in a variety of exploration, development, and production tasks. The offshore drilling sector in Australia has seen recent changes such as the granting of new exploration licences, strategic alliances between industry participants, and innovations in drilling technology. Offshore operators' working environment is being shaped by regulation revisions that foster responsible resource exploitation and environmental stewardship. Read industry journals and official releases to stay informed about the most recent developments in Australia's offshore drilling field.

According to the research report ""Australia Offshore Drilling Market Overview, 2029,"" published by Bonafide Research, the Australia Offshore Drilling market is expected to reach a market size of more than USD 0.25 Billion by 2029. The offshore drilling industry in Australia has a plethora of prospects for investment and cooperation along the whole value chain. There are many opportunities for businesses to become involved and support the expansion of the sector, ranging from exploration and development initiatives to infrastructure improvements and decommissioning tasks. The Australian offshore drilling sector has promise, but it also confronts a number of obstacles, such as complicated regulations, unpredictable geopolitical situations, and environmental issues. In addition, stakeholders face inherent risks due to the cyclical nature of the oil and gas business and shifting commodity prices.

In Australia's offshore drilling sector, selecting the right sort of rig is crucial. Different rigs are used according on the geology, operating needs, and water depth. For shallow water drilling, which usually takes place up to 150 metres below, jack-up rigs are extensively utilised. These rigs include legs that can be raised, raising the hull above the water's surface and provide a steady working platform for drilling. The North West Shelf and the Bass Strait, which have relatively shallow water depths, are the main locations where jack-up rigs are utilised. Due to their exorbitant cost—new units may range from $200 million to $250 million—these rigs are frequently leased. Semi-submersible rigs are adaptable platforms that may be used for deepwater and shallow drilling, with a maximum operating depth of 3,000 metres. Even in choppy seas, these rigs remain stable as they are floating atop enormous pontoons that are buried beneath the surface of the water. In the deeper seas along the coasts of Western Australia and the Timor Sea, semi-submersibles are often utilised. A new semi-submersible rig may set you back more than $500 million, therefore to offset the significant initial outlay, they are often rented. Modern boats called drillships are built for deepwater and ultra-deepwater drilling and may operate in waters as deep as 3,500 metres or more. These vessels are frequently utilised in exploratory drilling because of their great mobility, which enables them to travel fast between drilling sites. One of the priciest drilling equipment are drillships; new construction may go up to $1 billion or $600 million. Drillships are frequently leased because of their high operating expenses and the flexibility they provide to their operators. Barges and submersible rigs are two other rig types that are employed in Australia's offshore drilling. Submersible rigs are made to sit on the bottom in shallow waters, whereas barges are usually utilised for very shallow water operations. Compared to drillships, jack-ups, and semi-submersibles, these rigs are less prevalent, but they are nevertheless quite important in certain operating situations. Depending on the length of the project, the drilling firms' strategic interests, and their financial situation, they may decide to buy or lease these rigs. Leasing is still an attractive option as it gives owners choice and lowers initial expenses, making it easier for them to adjust to changing marketplace circumstances and technical breakthroughs.

Australia divides offshore drilling into three primary categories based on water depth: ultra-deep water, deep water, and shallow water. In general, shallow water drilling is less complicated and expensive than deeper operations, and it can take place at depths of up to 200 metres. Australia's most active sector in the past has been this one, with major drilling operations taking place in areas like the Bass Strait and portions of the North West Shelf. Because of their well-established infrastructure and comparatively easier access, these locations have long been known as prolific oil and gas producing zones. As businesses explore more difficult and resource-rich regions, deep water drilling—which occurs at depths of 200 to 1,500 meters—and ultra-deep water drilling—which occurs at depths of more than 1,500 meters—become more and more common. Deep water drilling has been especially prevalent in Australia's Browse Basin and the more isolated regions of the North West Shelf. Despite being less common because to increase costs and technical difficulties, ultra-deep water operations are becoming more popular due to technological breakthroughs and huge hydrocarbon potential. The need for advanced tools and methods to access these deeper water segments reflects a shift towards using harder-to-reach resources to satisfy rising energy demands.
 

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Offshore Drilling Rigs market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type
• Flexible Offshore Drilling Rigs
• By Rig Type
• Jack-Up Rigs
• Semi-Submersible Rigs
• Drill-ships
• Others (Barges, Submersible Rigs)

By Water Depth
• Shallow Water
• Deep Water
• Ultra-Deep Water

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Offshore Drilling Rigs industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.