The Oil & Gas Engineering Services Market size is estimated at USD 54.70 billion in 2024, and is expected to reach USD 78.5 billion by 2029, growing at a CAGR of 7.49% during the forecast period (2024-2029).
The rise in the adoption of various automation technologies in the Oil and Gas sector is the prime factor enhancing the engineering services market exponentially.
The Oil and Gas Engineering Services Market is anticipated to be semi-consolidated, primarily due to the presence of several worldwide players, along with the emergence of new market participants. The market players, such as Toyo Engineering Corporation, Stress Engineering Services Inc., and Element Materials Technology, are targeting to form various strategic collaborations and partnerships with various oil and gas companies globally to enhance the overall adoption of engineering services within the industry.
In June 2023, Clariant Oil Services introduced PHASETREAT WET to provide more efficient and sustainable solutions for the oil and gas industry’s demulsification needs. Designed to overcome challenges inherent in traditional oil production processes – most notably, meeting stricter environmental requirements for oil and water separation – the novel solution would help and assist operators in simplifying logistics, minimizing operational costs, and mitigating safety risks.
In January 2023, the CEO of the National Oil Corporation of Libya (NOC), Farhat Bengdara, and Eni CEO Claudio Descalzi agreed on the development of “Structures A&E,” a strategic project. It is mainly aimed at maximizing gas production, especially to supply the Libyan domestic market and to ensure export to Europe. “Structures A&E” is primarily the first major project in the country since early 2000. It comprises the development of two gas fields, namely Structures “E” and “A,” located in the contractual area D, offshore Libya.
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