Oil & Gas Upstream Market
The Global Oil & Gas Upstream Market is expected to grow at a CAGR of 3.1% during the forecast period (2019-2026).
The upstream oil and gas market is also called Exploration and Production (E&P) sector. Up-stream oil & gas market encompasses activities related to searching for, recovering and producing crude oil and natural gas.
The upstream market consists of public as well as private companies. Companies that operate only in the upstream segment are called ‘Independents.’ Companies that work in all three parts are called integrated oil companies (IOCs). Upstream Industry is heavily dependent on oilfield services.
Although demand for oil & gas is increasing steadily, Global oil reserves have not increased in recent years.
Oil & Gas Upstream Market Dynamics
Declining investments in Oil and gas explorations will further affect the growth in the market over the forecast period to 2026.
Increasing environmental concerns will impact the industry in the long term. After the 2016 Paris agreement, World Bank announced it would no longer finance upstream oil & gas after 2019.
The upstream market is highly regulated and impacted by global politics.
Neither Nuclear nor solar or wind has made oil & gas unnecessary. So only oil & gas price fluctuations in the global market are what matters.
Oil & Gas Upstream Segmentation
Global Upstream, oil & gas market, can be segmented by Resource type, by production site, and by drilling technology.
By resource type, the market can be segmented into crude oil & natural gas. Although crude oil reserve often contains some natural gas in it. There are reserves for natural gas also.
Based on the production site, the market can be segmented into onshore & offshore. The on-shore upstream oil market segment is accounted for the largest share globally, due to increased investments in the coastal oil explorations.
Oil & Gas Upstream Trends
Based on drilling technology, the upstream oil & gas market can be segmented into Conventional & Unconventional drilling. Conventional technology includes traditional vertical drilling technology.
Although it is cheaper than non- conventional, it has limitations. Unconventional drilling technology comprises horizontal drilling, multilateral drilling, extended reach drilling, and complex path drilling.
Unconventional drilling technologies are becoming less expensive over time. Horizontal drilling has gained popularity due to shale oil production.
A horizontal well is generally more expensive to drill than a vertical well, but it produces more crude oil and natural gas.
In 2016, hydraulically fractured horizontal wells accounted for 69% of all oil and natural gas wells drilled in the United States. Horizontal drilling is used for drilling in harsher conditions.
Global Oil & Gas Upstream Regional Analysis
Based on the region, the market can be segmented into the Middle East, North America, Europe & CIS, Africa, Asia-Pacific, and Central and South America.
North America is the leading region in the upstream oil and gas market is mainly due to higher capital expenditures in North America and investment in shale oil production using unconventional drilling technologies.
The Middle East and African Oil & gas upstream market is declined mainly due to the price drop in oil products globally.
Oil & Gas Upstream Companies
A good number of prominent companies are government-owned. Major players in the upstream oil & gas market are Saudi Aramco, Gazprom, ExxonMobil, Rosneft, PetroChina, BP, Sinopec, Royal Dutch Shell, Total S.A, and Chevron.
Some of the Independent energy & power companies, are Carrizo Oil & Gas Inc, Laredo Petroleum, Newfield Exploration, Matador Resources, and Devon Energy.
In the extended downturn from 2014 to 2017, upstream companies have reduced costs. If unconventional drilling technologies get cheaper, the influence of Gulf countries on oil production might diminish in the coming years.
Oil & Gas Upstream Industry Segmentation Analysis
• Crude Oil
• Natural Gas
• Others (oil sands, shale oil, etc.)
By production site
By Drilling Technology
• The Middle East and Africa
• Asia Pacific
• North America
• South America
The scope of the report
The report covers the key factors impacting the market, Porter 5 Forces, Product Benchmarking, and company profiles.
Oil and Gas Upstream Market is segmented By Product (Crude Oil, Natural Gas), others (oil sands, shale oil, etc.)), by production site (Onshore, Off-shore), By Drilling Technology (Conventional (Vertical Drilling), Unconventional (Horizontal Drilling, Others).
Based on geography the market is segmented into the Middle East and Africa, North America, South America, Europe, Asia Pacific.
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• Visualize the composition of the Global Oil and Gas Upstream Market across each indication, concerning type highlighting the critical commercial assets and players.
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Who can benefit from this report?
• Government Agencies
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• Education & Research Institutes
• Research Professionals
• Emerging Companies
1.1. Research Methodology
1.2. The scope of the Report
2.1. Key Trends & Developments
3.1. Industry Impact Factors (Drivers & Restraints)
3.2. Competitive Intensity- Porter 5 Forces
4.1. By Raw / Ore Resource
4.1.1. Crude oil
4.1.2. Natural Gas
4.1.3. Others (oil sands, shale oil)
4.2. By Production site.
4.3. By Drilling Technology
188.8.131.52. Vertical drilling
184.108.40.206. Horizontal drilling
5.1. Middle East
5.1.1. Saudi Arabia
5.1.3. Rest of Middle East
5.2. North America
5.2.1. The United States
5.3. South America
5.3.3. Rest of South America
5.4.3. United Kingdom
5.4.4. Rest of Europe
5.5.2. Rest of Asia Pacific
6.1. Market Share/ Rank Analysis
6.2. Key Strategies adopted by Manufacturers
7.1. Saudi Aramco
7.8. Royal Dutch Shell
7.10. Total S.A
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