DUBLIN, October 25, 2021--(BUSINESS WIRE)--The "Offshore Drilling Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The market for offshore drilling market is expected to grow at a CAGR of approximately around 1% during the forecast period of 2021 - 2026.
Baker Hughes Company
China National Offshore Oil Corporation
China Oilfield Services Ltd
Exxon Mobil Corporation
Maersk Drilling A/S
Weatherford International Plc
Key Market Trends
Deep-Water and Ultra-Deep Water Segment to Dominate the Market
From 2014 to 2019, global deepwater expenditure has increased and countries/regions, such as Brazil, the United States Gulf of Mexico (GoM), North Sea, Angola, and Nigeria constitute for a large amount of this capital expenditure, respectively, with West Africa anticipated to have the greatest regional growth.
In the southern hemisphere, a new exploration permit was awarded in April 2019 by the Argentine government to the consortium formed by ExxonMobil and Qatar Petroleum, for exploration in Malvinas Oeste Basin. 13 companies offered approximately USD 995 million for exploration licenses of areas within the Austral, Argentina Norte, and Malvinas Oeste basins. All the three basins are offshore, combining to a total tendered area of more than 200,000 sq. km. never explored before.
In 2019, Argentina's neighboring country, Brazil held its sixth successful oil and gas bid round in just over a year and awarded all four blocks in the prospective pre-salt area for BRL 6.82 billion. The latest investment and upcoming projects in deep-water are likely to drive the growth of the deep-water drilling market during the forecast period in the South America region.
Moreover, the recent waves of cost reductions and critical technological breakthroughs have enabled many oil and gas exploration and production companies to expand their portfolio of sustainable deep-water developments.
Therefore, with the increase in deep-water activities and the technology breakthrough, the deep-water segment is expected to grow during the forecast period.
Middle-East and Africa to Witness a Significant Growth
Many countries in the Middle-East and Africa region have a large-scale offshore reserve of oil and gas. The world's largest gas field - the South Pars Gas Complex in the Persian Gulf or the new discoveries of oil and gas reserves in the eastern Mediterranean sea are all expected to aid the growth of the market.
The Angolan offshore is among the most prospective plays in Africa and continues to draw high levels of investment. Drilling results are broadly positive, with exploration yielding several high-impact discoveries in recent years. Angola's ailing oil industry got a shot in the arm this week, with Eni SpA and Total SA both showing their commitment to the OPEC producer. In January 2020, Eni started production at the Agogo-1 deepwater field and won exploration rights to Block 28 in the Namibe Basin, while Total, active in Angola for more than 60 years, was awarded Block 29.
On the flipside, with Angola's most prospective acreage in the deepwater, ultra-deepwater, and pre-salt areas, exploration can be characterized as high-risk, high-reward. The bulk of drilling is expected to continue to target deepwater and pre-salt prospects, spearheaded by industry giants, such as Chevron, BP, Eni, Exxon Mobil, Statoil, and Total, along with national oil company Sonangol.
Nigeria holds the top position among the ten countries, with the largest remaining crude oil and condensate deepwater reserves. The majority of reserves are along the country's Niger River Delta and offshore in the Bight of Benin, the Gulf of Guinea, and the Bight of Bonny. As of now, exploration activities are mostly focused on the deep and ultra-deep offshore, although some onshore exploration is also taking place.
Key Topics Covered:
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, until 2026
4.3 Historic and Demand Forecast of Offshore Drilling Rigs in numbers, until 2020
4.4 Historic and Demand Forecast of Offshore CAPEX in USD billion, by Region, till 2026
4.5 Key Projects Information
4.5.1 Existing Projects
4.5.2 Planned and Upcoming Projects
4.6 Recent Trends and Developments
4.7 Government Policies and Regulations
4.8 Market Dynamics
4.9 Supply Chain Analysis
4.10 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/pgxpe9
View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005406/en/
Laura Wood, Senior Press Manager
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