Global Oil and Gas Upstream Activities Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Oil and Gas Upstream Activities Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The oil and gas upstream activities market consists of sales of crude oil and natural gas by entities (organizations, sole traders or partnerships) that undertake pre-refining activities of crude oil and natural gas production. This is segmented into crude oil and natural gas pre-refining activities, oil and gas wells drilling services, and oil and gas supporting activities.

Market Overview:

The latest research study on the global Oil and Gas Upstream Activities market finds that the global Oil and Gas Upstream Activities market reached a value of USD 1770214.0 million in 2022. It’s expected that the market will achieve USD 2013620.0 million by 2028, exhibiting a CAGR of 2.17% during the forecast period.

Influence of COVID-19 Outbreak on Oil and Gas Upstream Activities Industry Development

On Monday March 9, Oil Plunges 24% for worst Day since 1991, Hits multi-year low after OPEC deal Failure Sparks price war. Growing concerns over the COVID-19 outbreak and Surplus production from Saudi Arabia, The United Arab Emirates and Russia have roiled global crude oil markets.

The COVID-19 studio has made the already subdued demand outlook grimmer. The spread has led to demand disruption in major crude oil - consuming nations. Some countries/regions with increasing COVID-19 Cases such as the North America, Europe, China, Japan, South Korea, South America, and now even India and Southeast Asia, Isolate accounting for ~85% of the global economy. The spread of the virus would deal a severe blow to their industries and supply chains and impact oil demand from these geographies.

However, there's a flip side. Crude oil and gas prices are falling, Singles, revolution, industrial users and consumers. Not only is the industry using less oil as global demand are reduced by curtailed business travel and manufacturer closures in Quarantined Areas, but Saudi Arabia is increasing supply. Lower crude oil prices will help chemical producers outside of the US, at least on the raw material side, since there are a number of companies that produce ethylene and other basic chemicals from crude oil instead of natural gas. That will likely not be enough to offset the drop in demand for more chemical end-use products as the effects of the Effects of Cancelled events, flights, vacations, etc., Ripple their way through the global economy. Consumers will likely be happy about the lower gas prices. However, Consumers still ripple their way through the global economy. With many limiting or delaying travel plans out of real and/or perceived risk of either contracting COVID - 19 or being stuck in a quarantine zone in this volatile time, they are not likely taking advantage of it in the way they ordinarily order. A return to who levels of consumer confidence will be men for consumers to absorb this who level of production. Therefore, to some extent, this affects not only the demand side of the Oil and Gas Upstream Activities market, but also the production plan is stranded due to the isolation and protection of the epidemic situation.

Economic development and technological progress

Although in recent years, the drop in oil prices and the impact of natural factors have dealt a huge blow to Oil and Gas Upstream Activities, at present, in the short term, for upstream industries, global economic growth and continuous improvement of technology will support energy demand and impact Investment in oil and gas projects. Second, some of the best upstream opportunities in the Oil and Gas Upstream Activities market will be natural gas, which is relatively immature but is gradually globalizing. This will promote the development of this market.

Expensive and complex operations

Excluding the reserves in the Middle East, most of the oil to be developed requires increasingly expensive and complex operations. The most important oil reserves are concentrated in Venezuela, Russia and Canada, which contain heavy oil or are located in tar sands, which are two complicating factors that increase mining costs. Russia's operations in the Arctic are particularly facing huge operational challenges (due to the distance and the complexity of land and ocean drilling). These difficulties are similar to those in Kazakhstan's oil fields. Secondly, in the Kashagan area of the Caspian Sea, huge oil reserves have been proven, but the cost of extraction is also high because of difficult weather, unstable systems and insufficient logistical support.

Oil and gas simulation software and optimization

As the oil and gas industry comes to terms with “lower for longer” prices, operators are seeking to optimize production efficiency. Put simply, international oil companies are seeking to produce more, for less. Increasingly, those operators making the largest gains in production efficiency are using a combination of oil and gas simulation software and optimization. Main benefits of oil and gas simulation software are: Help to move to simulation-led design and integrate simulation with design, Explore design options and find solutions more quickly, Reduce engineering time and cost, Help the industry transform in the “lower for longer” environment and optimize oil production efficiency and Enable engineers to spend more time being engineers and less time in simulation process.

Region Overview:

Middle East & Africa dominated the Oil and Gas Upstream Activities market in 2022, with a market share of 41.14%.

Company Overview:

Saudi Aramco is one of the major players operating in the Oil and Gas Upstream Activities market, holding a share of 12.2% in 2023.

Saudi Aramco

Saudi Arabian Oil Co., doing business as Saudi Aramco, operates as an oil exploration company. The Company focuses on hydrocarbons exploration, production, refining, distribution, and shipping, as well as provides crude oil marketing services. Saudi Aramco serves customers worldwide.

ExxonMobil

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis. The Company operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

Segmentation Overview:

As for product types, the Crude Oil and Natural Gas Extraction segment held the largest market share in 2022.

Application Overview:

By application, the Crude Petroleum Comprises segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Oil and Gas Upstream Activities market covered in Chapter 3:

China National Offshore Oil Corporation
Chevron Corporation
BP
Baker Hughes
Equinor ASA
National Iranian Oil Company
CNPC
ExxonMobil
Kuwait Petroleum Corporation
Halliburton
Saudi Aramco
Royal Dutch Shell
Sinopec
Total S.A.
Rosneft
Schlumberger

In Chapter 4 and Chapter 14.2, on the basis of types, the Oil and Gas Upstream Activities market from 2018 to 2029 is primarily split into:

Crude oil and natural gas extraction
Oil and gas wells drilling
Oil and Gas Supporting

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Oil and Gas Upstream Activities market from 2018 to 2029 covers:

Crude Petroleum Comprises
Natural Gas Extraction Comprises

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)