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Oil Market Report - August 2024

About this report

The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries.

• Global oil demand increased by 870 kb/d in 2Q24, with a contraction in China limiting gains. Demand is set to rise by less than 1 mb/d in both 2024 and 2025. This is largely unchanged from last month’s Report and far slower than last year’s 2.1 mb/d growth as comparatively lacklustre macroeconomic drivers come to the fore.
• World supply rose 230 kb/d to 103.4 mb/d in July as a substantial OPEC+ increase more than offset losses from non-OPEC+. Annual gains accelerate from 730 kb/d in 2024 to 1.9 mb/d in 2025. Non-OPEC+ production increases by 1.5 mb/d this year and next, while OPEC+ may fall by 760 kb/d in 2024 but rise by 400 kb/d in 2025 if voluntary cuts stay in place.
• Global refinery throughputs are forecast to increase by 840 kb/d to 83.3 mb/d in 2024, and by 600 kb/d to 83.9 mb/d next year. Margin weakness continues to weigh on processing rates, with Chinese runs now expected to decline y-o-y. Margins fell further in July in Europe, but rose in Singapore and on the US Gulf Coast, led by stronger naphtha and gasoline cracks.
• Global observed oil inventories fell by 26.2 mb in June, following four months of builds totalling 157.5 mb. OECD onshore stocks declined by 19.5 mb but were mostly offset by a 17.5 mb increase in non-OECD countries. Oil on water declined for a third consecutive month, by 24.2 mb. OECD Industry inventories were down by 21 mb, largely in line with the seasonal norm.
• Brent crude futures tumbled by $6/bbl during July, as a string of weak macro-economic data prompted a broad risk-off sentiment across financial markets, outweighing escalating hostilities in the Middle East. Front-month time spreads remained resilient in the face of falling flat prices, reflecting a tight Atlantic Basin market. At the time of writing, Brent was trading at around $80/bbl.

Market gymnastics

Oil markets exhibited Olympic levels of volatility over recent weeks. Benchmark crude oil prices tumbled sharply lower in July and early August as unexpected economic data threw the market off balance. Questions over the health of the global economy re-emerged as Japan increased interest rates sparking a reversal in yen carry trades, China’s outlook deteriorated and US hiring slowed in July. But persistent geopolitical tensions in the Middle East and some relatively positive macroeconomic data backstopped weakness in oil futures, with prices rebounding higher in the second week of August. Moreover, OPEC+ cuts are also tightening physical markets, lifting North Sea Dated to a $2/bbl premium against the front-month ICE contract. At the time of writing, ICE Brent futures traded at around $80/bbl, down by more than $6/bbl since the start of July.

Our outlook for global oil demand is largely unchanged from last month’s Report, with growth projected at slightly less than 1 mb/d in both 2024 and 2025. However, a meaningful shift in drivers is becoming apparent. In June, Chinese oil demand contracted for a third consecutive month, driven by a slump in industrial inputs, including for the petrochemical sector. Preliminary trade data point to further weakness in July, as crude oil imports sank to their lowest level since the stringent lockdowns of September 2022. By contrast, demand in advanced economies, especially for US gasoline, has shown signs of strength in recent months. The US economy, where one-third of global gasoline is consumed, has outperformed peers, with a resilient service sector buttressing miles driven. As a result, OECD oil consumption flipped from a 300 kb/d annual contraction in 1Q24 to growth of 190 kb/d in the second quarter.

Despite the marked slowdown in Chinese oil demand growth, OPEC+ has yet to call time on its plan to gradually unwind voluntary production cuts starting in the fourth quarter. Its Joint Ministerial Monitoring Committee (JMMC) reiterated on 1 August, however, that the group could pause or reverse its decision depending on prevailing market conditions. Our current balances suggest that even if those cuts remain in place, global inventories could build by an average 860 kb/d next year as non-OPEC+ supply increases of around 1.5 mb/d in 2024 and again in 2025 more than cover expected demand growth. The Americas quartet of the United States, Guyana, Canada and Brazil account for three-quarters, or roughly 1.1 mb/d, of non-OPEC+ supply gains in each of the two years.

For now, supply is struggling to keep pace with peak summer demand, tipping the market into a deficit. As a result, global inventories have taken a hit. After four months of gains, June saw oil inventories fall by 26.2 mb. Crude oil stocks dropped by 40.9 mb, even as China built substantially. Meanwhile, oil products rose by 14.8 mb, supported by large builds in US LPG. Preliminary July data suggest this trend continued, with total stocks declining once again as crude inventories lost further ground while oil products made gains. This dynamic is squeezing refinery margins, potentially setting the stage for an upset and shift in refinery activity in the coming months. Competition in the oil markets will continue even after the Olympic and Paralympic

OPEC+ crude oil production 1 million barrels per day

Algeria	0.91	0.92	0.01	0.91	0.99	0.07
Congo	0.26	0.26	-0.02	0.28	0.27	0.01
Equatorial Guinea	0.06	0.06	-0.01	0.07	0.06	0.0
Gabon	0.22	0.22	0.05	0.17	0.22	0.0
Iraq	4.28	4.36	0.43	3.93	4.87	0.51
Kuwait	2.48	2.52	0.11	2.41	2.88	0.36
Nigeria	1.29	1.26	-0.24	1.5	1.42	0.16
Saudi Arabia	8.87	9.01	0.03	8.98	12.11	3.1
UAE	3.28	3.3	0.39	2.91	4.28	0.98
Iran	3.35	3.35			3.8
Libya	1.19	1.16			1.23	0.07
Venezuela	0.9	0.92			0.87	-0.05
Azerbaijan	0.48	0.48	-0.07	0.55	0.49	0.01
Kazakhstan	1.59	1.59	0.14	1.45	1.62	0.03
Mexico	1.57	1.58			1.6	0.02
Oman	0.76	0.76	0.0	0.76	0.85	0.09
Russia	9.24	9.23	0.25	8.98	9.76
Others	0.72	0.72	-0.15	0.87	0.86	0.13

1. Includes extra voluntary curbs where announced. 2. Capacity levels can be reached within 90 days and sustained for an extended period. 3. Excludes shut in Iranian, Russian crude. 4. Angola left OPEC effective 1 Jan 2024. 5. Iran, Libya, Venezuela exempt from cuts. 6. Mexico excluded from OPEC+ compliance. 7. Bahrain, Brunei, Malaysia, Sudan and South Sudan.

Oil Market Report Documentation

Definitions of key terms used in the OMR.

For more info on the methodology, download the PDF below.

• Explore the glossary circle-arrow
• Download the methodology PDF circle-arrow

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IEA (2024), Oil Market Report - August 2024 , IEA, Paris https://www.iea.org/reports/oil-market-report-august-2024

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Oil and Gas Global Market Report 2024

• February 2024
• Region: Global
• The Business Research Company
• ID: 5939776
• Description

Table of Contents

Executive summary.

• Companies Mentioned

Methodology

Related topics, related reports.

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Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
• Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
• Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.
• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:
• The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
• The impact of higher inflation in many countries and the resulting spike in interest rates.
• The continued but declining impact of COVID-19 on supply chains and consumption patterns.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Report Scope

Companies mentioned (partial list).

A selection of companies mentioned in this report includes, but is not limited to:

• Saudi Aramco
• Royal Dutch Shell
• Valero Energy Corp
• PJSC Gazprom
• Indian Oil Corporation Limited
• Oil and Natural Gas Corporation
• Bharat Petroleum
• Reliance Petroleum Ltd
• Eneos Holdings
• China National Petroleum Corporation
• Shaanxi Yanchang Petroleum
• Sinochem Group
• China National Offshore Oil Corporation
• TotalEnergies SE
• Wintershall Dea GmbH
• Glencore International AG
• Rosneft Oil Co
• Lukoil Oil Co
• Surgutneftegas
• Irkutsk Oil Company
• Lotos Group
• Moravské naftové doly
• ConocoPhillips
• Anadarko Petroleum Corporation
• Occidental Petroleum Corporation
• EOG Resources
• Cimarex Energy
• Pioneer Natural Resources
• Suncor Energy Inc
• Cenovus Energy Inc
• Canadian Natural Resources Limited
• AltaGas Ltd
• Petrobras (Petróleo Brasileiro S.A)
• QGEP Participações S.A.
• Petrogal Brasil S/A
• Petronas Petróleo Brasil Ltda
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The Oil and Gas Exploration and Production market is a sector of the energy industry that focuses on the exploration, development, and production of oil and natural gas. Companies in this market are involved in activities such as drilling, seismic surveys, and well completion. They also provide services such as engineering, construction, and maintenance. The Oil and Gas Exploration and Production market is highly competitive, with many large and small companies operating in the sector. Major players include ExxonMobil, Chevron, Royal Dutch Shell, BP, and Total. Other notable companies include ConocoPhillips, Occidental Petroleum, Anadarko Petroleum, and Apache Corporation. Show Less Read more

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Ey analysis: us oil and gas sector defies price plunge; production and profits soar in 2023.

Despite lower commodity prices, US oil and gas production soared to a record high in 2023, while costs fell 6%.

Producers recorded revenues of $244.4 billion , the second-highest level in the last five years and shifted more capital toward exploration and development and merger and acquisition activity in 2023.

Eighty percent of the studied companies reported Scope 1 and 2 emissions, up from 72% in 2022 and 64% in 2021.

NEW YORK , Aug. 20, 2024 /PRNewswire/ -- The EY US oil and gas reserves, production, and ESG benchmarking study reveals an industry demonstrating remarkable resilience and financial performance, despite facing a challenging economic landscape in 2023. The study, which examines the 50 largest publicly traded exploration and production (E&P) companies, highlights the industry's ability to navigate price fluctuations and maintain a trajectory of growth and profitability.

"The health of the US oil and gas sector is not solely dependent on high commodity prices, as our study indicates," said Herb Listen , lead author of the study and Oil & Gas Assurance Partner at Ernst & Young LLP. "The studied companies not only boosted production to an all-time high but also effectively managed costs, rewarded shareholders and invested toward growth."

The combined revenue of the studied companies remained the second highest in the five-year study period, falling 26% from a 2022 high to $244.4 billion , while recording a 6% decrease in production costs on a per-barrel-of-oil equivalent (BOE) basis. The industry also reported pretax profits of $83.9 billion , aligning with the profits observed in 2021 and showcasing the sector's sustained financial health.

Capital expenditures in exploration and development hit a five-year peak at $93.1 billion — a 28% increase from the previous year. This rise in spending reflects the industry's robust financial position following record profits in 2022 and a strategic deployment of capital into core operations. Notably, acquisitions climbed by 57% year over year, indicating a strong appetite for strategic dealmaking. Furthermore, independent producers refocused capital on growing production while also delivering higher returns to investors.

"The commercial fundamentals of the US oil and gas sector remains strong," said Bruce On , Partner, Strategy and Transactions, Ernst & Young LLP. "Major deals are redefining the playing field, as top companies streamline operations and bring cutting-edge technology to the forefront. They're strategically positioning their assets, anticipating an enduring need for oil and gas even amid energy transition."

Despite a marginal decline in total US oil and gas reserves, the industry sustained a production replacement ratio above 100% through extensions and discoveries. Oil reserves dropped to 33.3 billion barrels and combined gas reserves to 186.1 trillion cubic feet, a 1% and 4% decrease, respectively, compared with 2022.

As the sector progresses, the emphasis on sustainability and carbon emission reductions is intensifying. Eighty percent of the studied companies voluntarily reported Scope 1 and Scope 2 greenhouse gas emissions, with 42% of the companies obtaining external assurance over this reporting. More than half of the companies (64%) reported a climate-related target or goal as part of their voluntary disclosures.

"The oil and gas sector remains a cornerstone of the US economy and global energy security," said Pat Jelinek , EY Americas Oil & Gas and Chemicals Leader. "As the sector and energy systems decarbonize, leading companies are transforming their businesses through strategic investments and innovation to drive both profits and sustainability, simultaneously, while also providing the world scaled alternatives for affordable energy."

About the study The  EY US oil and gas reserves, production, and ESG benchmarking study  is a compilation and analysis of US oil and gas reserve and production information reported by publicly traded companies to the SEC and an analysis of certain publicly reported ESG disclosures, as applicable. It presents results for the five-year period from 2019 to 2023 for the 50 largest companies based on 2023 end-of-year US oil and gas reserve estimates. These companies represent approximately 42% of the US combined oil and gas production for 2023 and serve as a bellwether of industry trends.

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Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by Ernst & Young LLP, an EY member firm serving clients in the US.

© 2024 Ernst & Young LLP. All Rights Reserved.

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EY analysis: US oil and gas sector defies price plunge; production and profits soar in 2023

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• Despite lower commodity prices, US oil and gas production soared to a record high in 2023, while costs fell 6%.
• Producers recorded revenues of $244.4 billion, the second-highest level in the last five years and shifted more capital toward exploration and development and merger and acquisition activity in 2023.
• Eighty percent of the studied companies reported Scope 1 and 2 emissions, up from 72% in 2022 and 64% in 2021.

The  EY US oil and gas reserves, production, and ESG benchmarking study  reveals an industry demonstrating remarkable resilience and financial performance, despite facing a challenging economic landscape in 2023. The study, which examines the 50 largest publicly traded exploration and production (E&P) companies, highlights the industry’s ability to navigate price fluctuations and maintain a trajectory of growth and profitability.

“The health of the US oil and gas sector is not solely dependent on high commodity prices, as our study indicates,” said Herb Listen, lead author of the study and Oil & Gas Assurance Partner at Ernst & Young LLP. “The studied companies not only boosted production to an all-time high but also effectively managed costs, rewarded shareholders and invested toward growth.”

The combined revenue of the studied companies remained the second highest in the five-year study period, falling 26% from a 2022 high to $244.4 billion, while recording a 6% decrease in production costs on a per-barrel-of-oil equivalent (BOE) basis. The industry also reported pretax profits of $83.9 billion, aligning with the profits observed in 2021 and showcasing the sector's sustained financial health.

Capital expenditures in exploration and development hit a five-year peak at $93.1 billion — a 28% increase from the previous year. This rise in spending reflects the industry’s robust financial position following record profits in 2022 and a strategic deployment of capital into core operations. Notably, acquisitions climbed by 57% year over year, indicating a strong appetite for strategic dealmaking. Furthermore, independent producers refocused capital on growing production while also delivering higher returns to investors.

“The commercial fundamentals of the US oil and gas sector remains strong,” said Bruce On , Partner, Strategy and Transactions, Ernst & Young LLP. “Major deals are redefining the playing field, as top companies streamline operations and bring cutting-edge technology to the forefront. They’re strategically positioning their assets, anticipating an enduring need for oil and gas even amid energy transition.”

Despite a marginal decline in total US oil and gas reserves, the industry sustained a production replacement ratio above 100% through extensions and discoveries. Oil reserves dropped to 33.3 billion barrels and combined gas reserves to 186.1 trillion cubic feet, a 1% and 4% decrease, respectively, compared with 2022.

As the sector progresses, the emphasis on sustainability and carbon emission reductions is intensifying. Eighty percent of the studied companies voluntarily reported Scope 1 and Scope 2 greenhouse gas emissions, with 42% of the companies obtaining external assurance over this reporting. More than half of the companies (64%) reported a climate-related target or goal as part of their voluntary disclosures.

“The oil and gas sector remains a cornerstone of the US economy and global energy security,” said Pat Jelinek , EY Americas Oil & Gas and Chemicals Leader. “As the sector and energy systems decarbonize, leading companies are transforming their businesses through strategic investments and innovation to drive both profits and sustainability, simultaneously, while also providing the world scaled alternatives for affordable energy.”

About the study

The EY US oil and gas reserves, production, and ESG benchmarking study is a compilation and analysis of US oil and gas reserve and production information reported by publicly traded companies to the SEC and an analysis of certain publicly reported ESG disclosures, as applicable. It presents results for the five-year period from 2019 to 2023 for the 50 largest companies based on 2023 end-of-year US oil and gas reserve estimates. These companies represent approximately 42% of the US combined oil and gas production for 2023 and serve as a bellwether of industry trends.

EY | Building a better working world

EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy . EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com .

This news release has been issued by Ernst & Young LLP, an EY member firm serving clients in the US.

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Oil and Gas Market Research

Oil and gas remain two of the most influential resources in the world, propelling economic expansion while fueling key industries. By thoroughly analyzing data, this type of research provides stakeholders with essential information about investments, operations, policies, and more; enabling them to make informed decisions accordingly.

What is oil and gas market research?

Oil and gas market research examines the global oil and gas landscape to obtain a holistic understanding of market trends, growth prospects, and potential risks. This analysis is designed to provide insights for those in the industry looking to make informed decisions about their investments, strategies, and policies. With research-backed recommendations at hand, companies operating within this sector will be well-equipped with the knowledge needed to maximize their returns in an ever-evolving marketplace.

Organizations that specialize in oil and gas market analysis such as consulting firms, industry associations, and research companies can conduct comprehensive market research. This includes exploring supply-and-demand dynamics, price movements, governmental regulations, emerging technology developments, plus environmental worries to name a few key areas of investigation.

Importance of understanding trends and developments in the oil and gas industry

The oil and gas market is fiercely competitive, with the big companies – ExxonMobil, Royal Dutch Shell, Chevron, and BP – leading the way. These industry giants dominate global oil and gas reserves as they continue to invest heavily in research and development to stay ahead of trends. In consequence, it is critical to possess accurate and up-to-date data to remain competitive and face the big companies in this industry.

Therefore, staying informed of geopolitical factors such as global politics and economic policies are relevant for the oil and gas industry since changes in government regulations, trade agreements, or other events can have a major effect on their operations.

Similarly, to keep up with escalating requirements for energy, especially in developing countries such as India and China, it is crucial to explore the trends and needs of the oil and gas industry. With a growing population that continues to urbanize all over the world, ensuring sufficient resources are available becomes even more critical if we want to meet this increasing demand. Thus, understanding these patterns is vital for providing an adequate infrastructure able to fulfill current predictions.

Trends in oil and gas market research

Oil and gas market research are vital for companies in the sector to stay abreast of trends and advancements. As this industry progresses, there are new possibilities and risks.

• Thanks to the development of cutting-edge technologies, oil, and gas companies are now able to access resources more proficiently and cost-effectively. Artificial intelligence, automation, and robotics have all become widely used in this industry – and these advancements allow firms to cut back expenses while optimizing effectiveness and strengthening safety protocols.
• The world’s focus on renewable energy sources is a game-changer for the oil and gas industry. Companies are now investing in sustainable solutions like wind, solar, and hydroelectric power to keep up with this shift; thus creating new prospects in diversifying operations and earning potential.
• Climate change has become a major focus for oil and gas companies, as they face mounting pressure to decrease carbon emissions.
• Emerging markets have become key consumers, and oil and gas market research is providing invaluable insights about these changes to assist those seeking to capitalize on them.
• Complying with the ever-evolving geopolitical environment is essential for organizations in this industry. Oil and gas market research can provide insight into international trade agreements, government policies, and other factors that could potentially affect their business operations.

Benefits of oil and gas market research

• By analyzing market trends and developments, companies can actively scan for emerging opportunities in the oil and gas sector. This provides them with an advantage over their competitors by enabling them to identify untapped markets with great potential.
• Market research provides businesses with vital insights into their customer’s preferences, behaviors, and buying habits to create personalized services and products that cater precisely to their target market. With a deep understanding of the needs of its customers, a business can gain an unbeatable competitive advantage in the marketplace.
• To remain competitive in the oil and gas industry, it is important to assess the market competition. Through researching competitors’ strengths and weaknesses via oil and gas market research, companies can gain a better understanding of their competitors.
• Uncontrollable variables such as political instability, environmental laws, and the ever-changing oil market can easily affect your business. To protect companies from potential dangers and devise a backup plan for any situation, it is critical to conduct thorough oil and gas market research.

Limitations of oil and gas market research

Oil and gas market research can be a valuable asset for understanding industry trends and making appropriate business decisions. Yet, it is essential to consider some limitations in this industry such as:

• Securing a complete picture of the oil and gas industry can be complex due to its confidential or proprietary nature. Significant portions of the industry data remain unavailable.
• With a history of volatile and unpredictable markets, coupled with the ever-changing political landscape, forecasting future trends in the oil and gas industry is no easy task. Even with highly sophisticated models applied to economic patterns and projections, predicting what lies ahead can prove difficult.
• The public’s awareness and worry about the environmental repercussions of oil and gas companies is escalating, potentially damaging these companies’ reputations.
• Operating in a geopolitically volatile environment, the oil and gas industry is often exposed to risks like international conflicts and relations that can easily disrupt operations.

Future outlook of oil and gas market research

With the world gradually switching to green energy sources, the oil and gas industry is set to face a few alterations and difficulties.

Sustainability has become an especially crucial area of focus in recent times; reducing carbon footprints. This interest in eco-friendly alternatives like renewable resources has been gaining traction steadily. As a result, oil and gas companies are heavily investing into R&D endeavors that make their activities more environment-friendly while simultaneously boosting efficiency metrics.

Fortunately, as technology continues to evolve, digitalization and automation are becoming more widespread within the industry. It can reduce costs and increase safety while optimizing operations.

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Global Oil and Gas Market Report - Market Analysis, Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028

• About this Report

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About the Report

As the world's primary fuel sources, oil and natural gas are major industries in the energy market and have a significant impact on the global economy. Oil and gas production and distribution processes and systems are highly complex, capital-intensive, and require cutting-edge technology.

The use of oil and gas is not limited to transportation, heating, and electricity. Aside from being an important source of energy, these are widely used in pharmaceuticals, fertilizers, solvents, and plastics. The global economy and survival are entirely dependent on the production and consumption of these two commodities.

The production of gasoline , diesel, or LPG is a very complex process that involves several stages. The oil and gas industry is divided into three parts: upstream, midstream, and downstream. Exploration, drilling, and crude oil production are all part of the upstream process. This is the most expensive stage. Midstream is concerned with the transportation and storage of crude oil. Downstream activities primarily involve crude oil refining and marketing of finished products such as gasoline, diesel, kerosene, jet fuel, asphalt, LPG, LNG , and so on.

According to the international energy agency (IEA), the fossil fuel industry is under increasing pressure to explain the implications of the energy transition for their operations and business models, as well as the contributions they can make to reducing greenhouse gas emissions and meeting the Paris Agreement's climate change goals.

Even though the industry is under tremendous pressure to reduce exploration and drilling activities in order to reduce fossil fuel production, the demand for more oil and natural gas has increased due to many factors, such as the post covid pandemic economic recovery, fossil subsidies by governments, and energy security issues raised by the Ukraine-Russia war in countries such as the United Kingdom and other major economies.

Considering the current scenario and world order, the demand for oil and natural gas is expected to see an upward trend. Fossil fuel companies are also evolving their business models and investment trends to fit into future energy markets.

Recent Developments

The oil and gas companies are heavily investing in sustainable energy sources such as hydrogen, solar, and wind.

The industry is undergoing a digital transformation by digitizing the majority of its operations.

The new report from Blackridge Research on the Global Oil and Gas Market comprehensively analyses the fossil fuels Market and provides deep insight into the current and future state of the industry. The study examines the drivers, restraints, and regional trends influencing Global Oil and Gas Market demand and growth. The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the Oil and Gas Market, important commercial developments, trends, regions, and segments poised for the fastest growth, competitive landscape, and market share of key players. Further, the report will also provide Oil and Gas Market size, demand forecast, and growth rates.

Oil and Gas Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.

Oil and Gas Market Analysis

This report discusses the overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations.

This section provides an assessment of COVID-19 impact on Oil and Gas Market demand.

Oil and Gas Market Size and Demand Forecast

The report provides the Global Oil and Gas Market size and demand forecast until 2028, including year-on-year (YoY) growth rates and CAGR.

Oil and Gas Market Industry Analysis

The report examines the critical elements of the Oil and Gas industry supply chain, its structure, and the participants

Using Porter's five forces framework, the report covers the assessment of the Oil and Gas industry's state of competition and profitability.

Oil and Gas Market Segmentation & Forecast

The report dissects the Global Oil and Gas Market into various segments. A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.

Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth.

For a "bespoke" market segmentation to better align the research report with your requirements.

Regional Market Analysis

The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.

In addition, market size, demand forecast, and growth rates will be provided for all regions.

Following are the notable countries covered under each region.

North America

- United States, Canada, Mexico, and the Rest of North America

- Germany, France, United Kingdom (UK), Russia, and the Rest of Europe

Asia-Pacific

- China, India, Japan, South Korea, Australia, Rest of APAC

Rest of the world

- Saudi Arabia, Brazil, Nigeria, South Africa, and other countries

Key Company Profiles

This report presents detailed profiles of Key companies in the Oil and Gas industry. In general, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.

Competitive Landscape

The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

The study also discusses the strategies adopted by leading players in the industry.

Executive Summary

The Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.

Get a free sample copy of the Global Oil and Gas Market report by clicking the " Download a Free Sample Now! " button at the top of the page.

  Table of Contents

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

• 3.1 Introduction
• 3.2.1. Drivers
• 3.2.2 Restraints
• 3.3 Market Trends & Developments
• 3.4 Market Opportunities
• 3.5 Market Size and Forecast

4. Industry Analysis

• 4.1 Supply Chain Analysis
• 4.2 Porters Five Forces Analysis

5. Market Segmentation & Forecast

• 5.1.1 Upstream
• 5.1.2 Midstream
• 5.1.3 Downstream

6. Regional Market Analysis

• 6.1 Asia Pacific
• 6.2 North America
• 6.4 Rest of the World

7. Key Company Profiles

• 7.1 Exxon Mobil Corporation
• 7.2 Saudi Aramco Oil Co.
• 7.3 Chevron Corporation
• 7.4 Shell PLC
• 7.5 PetroChina Company Limited
• 7.6 ConocoPhillips
• 7.7 TotalEnergies SE
• 7.8 Equinor ASA
• 7.11 Other Notable Players

8. Competitive Landscape

• 8.1 List of Notable Players in the Market
• 8.2 M&A, JV, and Agreements
• 8.3 Market Share Analysis
• 8.4 Strategies of Key Players

9. Conclusions and Recommendations

List of Tables & Figures

Abbreviations

Additional Notes

  This report helps to:-

• Gain a deeper understanding of the impact of COVID-19 on the global oil and gas market. 
• Equip yourself with rigorous analysis and forward-looking insight into the oil and gas market across various regions
• Evaluate the attractiveness and state of competition in the industry to identify opportunities and develop a strategy
• Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development
• Assess the current market size and revenue forecasts as an important part of devising your business plans and strategy 
• Gain a comprehensive view of the emerging market trends and developments to assess market opportunities
• Be better informed of your competition by gaining access to detailed information and analysis of key industry players
• Keep on top of M&A developments, JV’s, and other agreements to assess the evolving competitive landscape and enhance your competitive position

  What's included

  Why buy this report?

• Gain a deeper understanding of the impact of Covid-19 on the <Oil and Gas Market>.
• Equip yourself with rigorous analysis and forward-looking insights into the <Oil and Gas Market> across multiple regions.
• Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development.
• Assess market size data and forecasts to understand how the demand across various segments evolves over the next few years.
• Gain a comprehensive view of the emerging market trends and developments to assess market opportunities.
• Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
• Keep on top of M&A developments, JVs, and other agreements to assess the evolving competitive landscape and enhance your competitive position

  Want to know about Current Offers?

  analyst access from blackridge research,   free report customization,   further information,   common questions, how to purchase the report, will i get a report update, what are the differences between licenses, can i purchase only certain sections of the report, what is your research methodology for the report, what if i'm not satisfied with the report, what kind of support will you provide,   related content.

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Oil and Gas Projects Market Research Report Information By Type (Surface and Lease Equipment, Gathering & Processing, Oil, Gas & NGL Pipelines, Oil & Gas Storage, Refining & Oil Products Transport and Export Terminals), By Drilling (Offshore and Onshore) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

• Segmentation
• Table of Content
• Download PDF

Oil and Gas Projects Market Overview:

Oil and Gas Projects Market size was valued at USD 621.50 billion in 2022. The Oil and Gas Projects market industry is projected to grow from USD 658.72 Billion in 2023 to USD 1,111.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.65% during the forecast period (2024 - 2032). Increased global demand for energy and innovation in technology are the prime market drivers enhancing the market growth.

Source: The Primary Research, Secondary Research, MRFR Database and Analyst Review

Oil and Gas Projects Market Trends

Growing global demand for the energy is driving the market growth.

Market CAGR for oil and gas projects is being driven by the surging global demand for energy. The population, along with surging industrialization and urbanization, and the need for energy, mainly in the form of oil and gas, remain insatiable. This unrelenting need stems from diverse firms like manufacturing, transportation, and power generation, establishing oil and gas as crucial components in the global energy landscape.

The transportation sector heavily depends on oil-derived products, primarily gasoline and diesel, to boost automobiles, ships, and airplanes. Further, the industrial sector relies extensively on oil and gas as primary sources of energy and as raw materials for different processes. Oil is a prime input for the production of plastics, chemicals, and other essential materials, while natural gas is broadly utilized for heating, power generation, and as a feedstock in industrial processes. 

With the proliferation of automobiles in developing markets and the proliferation of global trade, the demand for oil in transportation remains robust. Additionally, natural gas plays an important role in the transportation sector as a cleaner alternative for vehicles and as a feedstock for the production of liquefied natural gas (LNG) used in marine transport. The industrial demand for energy, especially in emerging economies undergoing rapid industrialization, continues to boost investment in oil and gas projects to meet these escalating needs.

The power generation sector is a significant consumer of oil and gas. As there is a rising focus on renewable energy sources, many regions still heavily depend on fossil fuels for electricity generation. Oil and gas power plants offer a reliable and consistent energy supply, mainly in areas where renewable infrastructure is still developing or faces intermittency challenges. 

The flexibility and efficiency of natural gas power plants also help as a transitional energy source. Moreover, the global demand for energy is increased by the surging middle class in developing countries, resulting in increased energy consumption for residential and commercial purposes. As more households gain access to modern amenities, the reliance on energy-intensive appliances, heating, and cooling systems rises, further boosting the demand for oil and gas.

In response to this growing demand, the oil and gas industry continues to invest in exploration, drilling, and production projects to ensure a stable and secure energy supply. These projects range from conventional oil and gas reservoirs to unconventional sources, like shale and deepwater deposits. The continuous advancement of extraction technologies, exploration methods, and project management practices helps the industry to access previously untapped reserves, contributing to the growth of oil and gas projects worldwide. Thus driving the Oil and Gas Projects market revenue.

Oil and Gas Projects Market Segment Insights:

Oil and gas projects type insights.

The Oil and Gas Projects Market segmentation, based on type, includes Surface and Lease Equipment, Gathering and processing, Oil and gas, NGL Pipelines, Oil and gas Storage , Refining and oil Products, Transport, and Export Terminals. The oil, gas & pipelines segment dominated the market, accounting for the largest market revenue because of their critical role in the extraction, transportation, and distribution of hydrocarbons. 

The growing investments and intricate infrastructure needed for these projects position the oil, gas, and pipeline sector as a dominant force in shaping the overall landscape of the Oil and Gas Projects market. The exploration and the generation of oil and gas reserves involve deep drilling and extraction operations, making these projects integral to the industry. Additionally, the construction and maintenance of pipelines are important for efficiently transporting oil and gas over large distances that connect production sites with processing facilities and end-users.

Oil and Gas Projects Drilling Insights

The Oil and Gas Projects Market segmentation, based on drilling, includes Offshore and Onshore. The offshore category dominates the market due to the significant reserves located beneath the ocean floor, providing vast untapped resources for exploration and extraction. 

The development of advanced drilling technologies and the capability to reach deeper and more remote offshore locations have made it economically viable to pursue offshore projects. Moreover, offshore drilling provides access to huge reservoirs in regions where onshore exploration may face environmental or geopolitical challenges, further focusing on its strategic importance in the oil and gas industry globally.

Figure 1: Oil and Gas Projects Market, by Drilling, 2022 & 2032 (USD Billion)

Oil and Gas Projects Regional Insights

By region, the study delivers market insights of North America, Europe, Asia-Pacific, and the Rest of the World. The North American Oil and Gas Projects market area dominates this market, with abundant shale resources, leading to increased exploration, extraction, and production activities. Further, the pursuit of energy independence, technological advancements in extraction methods, and the surging demand for natural gas in power generation contribute to the market growth.

Further, the prime countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil.

Figure 2: Oil and Gas Projects Market Share By Region 2022 (USD Billion)

Europe's Oil and Gas Projects market accounts for the second-largest market share due to the strategic efforts to diversify its energy sources and improve energy security, increasing the investments in exploration, production, and infrastructure projects. Further, the German Oil and Gas Projects market held the biggest market revenue share, and the UK Oil and Gas Projects market was the fastest-growing market in the European region.

The Asia-Pacific Oil and Gas Projects Market is expected to rise at the fastest CAGR from 2023 to 2032. This is due to the rising industrialization, rapid urbanization, and growing energy demands. Moreover, China’s Oil and Gas Projects market held the largest market revenue share, and the Indian Oil and Gas Projects market was the fastest-growing market in the Asia-Pacific region.

Oil and Gas Projects Key Market Players & Competitive Insights

Leading market players are investing heavily in the research and development in order to expand their product lines, which will assist the Oil and Gas Projects market grow even more. Market players are also undertaking different strategic activities for expanding their global footprint, with important market developments inclusive of contractual agreements, mergers and acquisitions, new product launches, higher investments, and collaboration with the other organizations. To expand and survive in the  more competitive and rising market climate, the Oil and Gas Projects industry must offer cost-effective items.

Manufacturing locally to minimize the operational costs is one of the prime business tactics utilized by the manufacturers in the global Oil and Gas Projects industry to benefit the clients and increase the market sector. In recent years, the Oil and Gas Projects industry has offered some of the most significant advantages to different industries. 

Major players in the Oil and Gas Projects market, including NGL Energy Partners LP, Centrica plc, Kinder Morgan, Schlumberger Limited, Exxon Mobil Corporation, Chevron Corporation, ConocoPhillips Company, Marathon Oil Company, Occidental Petroleum Corporation, Halliburton and others, are trying to raise market requirement by investing in the research and development operations.

ExxonMobil is one of the world's largest publicly traded international oil and gas companies; popular for its prominence in the energy sector, ExxonMobil operates throughout the entire spectrum of the oil and gas industry, from the exploration and production to refining, marketing, and the development of petrochemical products. The company's global footprint spans numerous continents, and it plays a significant role in meeting the world's energy needs. 

On October 27, 2023, ExxonMobil partnered with Microsoft to accelerate digital transformation in their Permian Basin operations, emphasizing optimizing production and reducing emissions.

Chevron Corporation, one of the biggest multinational energy corporations globally, is a prime player in the oil and gas industry. Headquartered in California, Chevron operates throughout the entire energy spectrum, from the exploration and production to refining, marketing, and the development of renewable energy sources. The company's broad portfolio includes a significant presence in upstream exploration and production activities and downstream operations that involve refining crude oil and marketing different petroleum and petrochemical products. 

On November 10, 2023, Chevron and Enbridge announced a joint venture in order to develop the Golden Dawn LNG export project in Louisiana, expected to be operational by 2027.

Key Companies in the Oil and Gas Projects market include

• NGL Energy Partners LP
• Centrica plc
• Kinder Morgan
• Schlumberger limited
• Exxon Mobil Corporation
• Chevron Corporation
• ConocoPhillips Company
• Marathon Oil Company
• Occidental Petroleum Corporation
• Halliburton

Oil and Gas Projects Industry Developments

December 2023: EOG Resources partnered with CarbonCapture Inc. to deploy carbon capture and storage technology at its Anadarko Basin facilities, aiming to achieve net-zero emissions by 2040.

November 2023: Coterra Energy acquires Haynesville Shale assets from Chesapeake Energy for $1.8 billion, strengthening Coterra's position as the  leading natural gas producer in the Haynesville Shale.

February 2021: Hydroxycut's newest creation, CUT Energy, a delectable clean energy drink, was released. This powerful mix was carefully formulated for regular energy drink consumers, exercise enthusiasts, and dieters looking to lose weight.

Oil and Gas Projects Market Segmentation:

Oil and gas projects type outlook.

• Surface and Lease Equipment
• Gathering & Processing
• Oil, Gas & NGL Pipelines
• Oil & Gas Storage
• Refining & Oil Products Transport
• Export Terminals

Oil and Gas Projects Drilling Outlook

Oil and gas projects regional outlook.

• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Middle East
• Latin America

Report Attribute/Metric	Details
Market Size 2022	USD 621.50 Billion
Market Size 2023	USD 658.72 Billion
Market Size 2032	USD 1,111.8 Billion
Compound Annual Growth Rate (CAGR)	5.65% (2024-2032)
Base Year	2023
Market Forecast Period	2024-2032
Historical Data	2018- 2022
Market Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Drilling, and Region
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered	The US, Canada, Germany, France, UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil
Key Companies Profiled	NGL Energy Partners LP, Centrica plc, Kinder Morgan, Schlumberger Limited, Exxon Mobil Corporation, Chevron Corporation, ConocoPhillips Company, Marathon Oil Company, Occidental Petroleum Corporation, Halliburton
Key Market Opportunities	The growing innovation in technology.
Key Market Dynamics	Increased global demand for energy.

Oil Gas Projects Market Highlights:

• Oil Gas Projects Market Size
• Oil Gas Projects Market Trends
• Oil Gas Projects Market Analysis
• Oil Gas Projects Market Share
• US Oil Gas Projects Market
• Oil Gas Projects Companies

Frequently Asked Questions (FAQ) :

The Oil and Gas Projects Market size was valued at USD 621.50 Billion in 2022.

The global market is foreseen to rise at a CAGR of 5.65% during the forecast period, 2024-2032.

North America held the biggest share of the global market

The key players in the market are NGL Energy Partners LP, Centrica plc, Kinder Morgan, Schlumberger Limited, Exxon Mobil Corporation, Chevron Corporation, ConocoPhillips Company, Marathon Oil Company, Occidental Petroleum Corporation, Halliburton.

The Oil, Gas & NGL Pipelines category dominated the market in 2022.

The offshore had the largest share in the global market.

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Market Research Reports

Oil and Gas Reports

In 2021, oil prices reached their greatest levels in six years, and the oil and gas industry rebounded strongly. While the industry's recovery is better than projected, market dynamics in the future year remain unpredictable. At the onset of 2022, many oil and gas businesses are attempting to reinvent themselves by adopting capital discipline, focusing on financial health, reducing Green House Gas Emissions, and changing business models.

Oil & Gas companies are anticipated to adapt to new environmental, social, and governance (ESG) criteria. For such an adaptation, the oil & gas companies have been substantially working towards recruiting, training, and retaining personnel while accepting and developing smart energy transition targets. Since the beginning of 2021, oil prices have been climbing, boosted by recovering demand and OPEC production caps. However, upstream M&A activity, which is normally correlated with oil prices, is still significantly below pre-pandemic levels. While the dip in upstream M&A activity is primarily due to Oil & Gas businesses' persistent financial restraint, buyers' poor insight into the carbon profile of sellers or their assets is becoming an increasing consideration. Companies seeking net-zero targets are either looking to buy low-carbon-intensity barrels or sell high-carbon-intensity barrels, hinting that acreage consolidation or portfolio restructuring may be on the cards.

Furthermore, the oil and gas industry has witnessed increased demand for predictive maintenance following the COVID-19 pandemic. Essential services were operating with a reduced staff level as the lockdowns were implemented in 2020. As a result, the requirement to digitize the manual procedure of visiting sites to inspect equipment arose. As a result, firms recognized the need for predictive maintenance, as these models may assist organizations in improving maintenance scheduling and resulting in better equipment maintenance even with a limited number of site staff. In the post-pandemic period, the increased use of sensors to detect equipment anomalies and a reduced staff owing to lockdowns or remote working enhanced the demand for predictive maintenance.

Our Oil & Gas industry business intelligence reports offer cutting-edge analysis based on unrivaled research and analytical approaches. We regularly monitor economic growth across countries, which provides a solid foundation for the analyses presented in our reports.

Expanding LNG infrastructure, including the construction of LNG terminals, storage facilities, and natural gas pipelines are some of the factors driving the

PDF 85 August 2024 Download Sample

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Changing consumer preferences, particularly a preference for glass in various applications is one of factors driving the Global Industrial Gases for Glass Market PDF 186 August 2024 Download Sample	USD 4900
Technological advancements and market demand for low-carbon solutions likely drove the market during the forecast period. PDF 189 August 2024 Download Sample	USD 4900
Crude oil prices and regulatory policies & environmental standards are likely to drive the market in the forecast period. PDF 189 August 2024 Download Sample	USD 4900
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Technological advancements in lubricant formulations and growth of the automotive industry are likely to drive the market in the forecast period. PDF 189 August 2024 Download Sample	USD 4900
The increasing United States aviation gasoline market is driven by sustained general aviation demand, technological advancements in aircraft and engine design PDF 120 July 2024 Download Sample	USD 3500
The rise in the use of automation, enhanced data analytics, remote monitoring, operational efficiency, and reduced operational costs propel the market growth PDF 185 July 2024 Download Sample	USD 4900
Shift towards cleaner energy sources, and growing use of natural gas for power generation are the major factors driving the Asia Pacific Oil & Gas Pipeline PDF 120 July 2024 Download Sample	USD 4400
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Only a quarter of Saudi Arabia's $1 trillion capex plan will go into oil

In what Goldman Sachs Research calls a “capex super-cycle,” Saudi Arabia is expected to invest $1 trillion across six strategic sectors by 2030. But the oil industry is likely to receive a smaller portion of this than previously forecast.

Roughly 73% of the investment funds will go to non-oil sectors, Faisal AlAzmeh, who heads CEEMEA equity research and covers natural resources, chemicals, and infrastructure in the Middle East, writes in his team’s report. An earlier forecast pegged non-oil investment at 66%.

Clean energy is expected to get $235 billion in funding, up from a previous forecast of $148 billion, with the increase driven mainly by renewables as Saudi Arabia more than doubles its 2030 capacity target. Saudia Arabia is also funding sectors that enable an economic diversification away from oil, such as metals and minerals, transport and logistics, and digitalization. 

Saudi Arabia is planning for a greener future

Under a directive from Saudi Arabia’s energy ministry, capex in the oil sector is likely to shrink by $40 billion between 2024 and 2028. However, natural gas continues to be “a key contributor to the country's decarbonization, economic development, and diversification plans,” AlAzmeh writes. His team’s estimate of Saudi Arabia’s potential investments in “upstream” oil and gas has shrunk to $190-220 billion from the previous range of $230-260 billion.

Over the past year, on the other hand, the government’s progress in renewable energy has quickened. As of June 2024, Goldman Sachs Research identified around 11 GW of solar photovoltaic capacity in the execution pipeline, in addition to 16.7GW in solar / wind capacity in planning stages. The Saudi government has raised its solar energy target for 2030 from 58.7 GW to 100-130 GW. 

In trying to diversify away from oil, Saudi Arabia is focusing on other sectors. One of them is mining; Saudi Arabia aims to award more than 30 mining exploration licenses this year, and has established a $182 mineral exploration incentive program to encourage more investment in the sector.

Another focus area is transportation and logistics, as Saudi Arabia aims to become a leading logistics hub and international travel destination. The government is expected to invest around $100 billion in aviation, and another $100 billion or so in electric vehicles, logistics, and other sub-sectors. 

How Saudi Arabia will pay for its $1 trillion investment plan

With oil prices remaining in the $80-$85 range and production down to 9 million barrels per day, Saudi Arabia is experiencing a modest rise in pressure on the government’s budget.

Goldman Sachs Research estimates that the country’s budget deficit will widen to 4.3% of GDP this year, up from 2% last year. Around 2.6 percentage points of the deficit is the result of increased spending, with the rest driven by lower oil revenues. It’s uncertain how a higher deficit will affect the pace of planned investments. “But we think the Capex Super-Cycle will likely remain an important theme in Saudi Arabia for the foreseeable future,” our analysts write.

Finding the money to invest in the super-cycle will bring its own challenges. Saudi Arabia has traditionally relied on bank loans to support growth. The latest Saudi banking system data for May 2024 shows that the liquidity situation in the country remains tight, with loan growth outpacing deposits. To bridge an estimated $25 billion-per-year funding gap for its capex projects, Saudi Arabia will have to tap alternative sources of financing, according to Goldman Sachs Research. 

The Saudi government has made efforts to develop and deepen its equity capital markets, in a bid to reduce the burden on its banking sector. A more recent key development has been the progress made in the debt capital markets, where the government’s Public Investment Fund has been an active issuer of bonds. So far in 2024, the PIF has issued bonds worth $7.8 billion. 

This article is being provided for educational purposes only. The information contained in this article does not constitute a recommendation from any Goldman Sachs entity to the recipient, and Goldman Sachs is not providing any financial, economic, legal, investment, accounting, or tax advice through this article or to its recipient. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this article and any liability therefore (including in respect of direct, indirect, or consequential loss or damage) is expressly disclaimed.

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Press Release

Power and Energy

Oil and gas.

There is an increasing demand for oil and gas in power plants and manufacture of petrochemicals, particularly in developed economies. Major oil and gas organizations are investing in other companies, technologies, and projects to bring renewable low-carbon alternatives to customers, to reduce their carbon footprint and lower the environmental impact. Even though there are major infrastructure projects underway, the market will be restrained by a surge in the production of shale, staggering world economy, and imminent trade disputes.

• PUBLISHED (43)
• UPCOMING (12)
• PUBLISHED REPORTS (43)
• UPCOMING REPORTS (12)
• Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Year 2024 2023 2022 2021 2020 2019

Gas Turbine Services Market, By Type of Service (Maintenance, Repair, and Overhaul), By Turbine Type (Heavy-duty, Industrial, and Aeroderivative), By End-use [Power Generation, Oil & Gas (O&G), Aviation, and Others], and By Region Forecast to 2032

• Published Date: May 2024

The global gas turbine services market size was USD 19.76 Billion in 2022 and is expected to reach USD 28.12 Billion in 2032, and register a rapid revenue CAGR of 4% during the forecast period. Rising demand for power, particularly in developing nati... Find More

Price Starts from

Gas Turbine Upgrades for Performance Enhancement Market, By Turbine Type (Heavy Duty and Aeroderivative), By Upgrade Type (Compressor, Combustor, Turbine, and Control System), By End-Use [Power Generation, (O&G) Oil & Gas, Aviation], and By Region Forecast to 2032

• Published Date: Apr 2024

The global gas turbine upgrades for performance enhancement market size was USD 18 Billion in 2022 and is expected to reach USD 30.41 Billion in 2032, and register a rapid revenue CAGR of 6% during the forecast period. Rising demand for power generat... Find More

Food Grade Industrial Gas Market By Gas Type (Carbon Dioxide, Nitrogen, Oxygen, and Others), By Application (Freezing & Chilling, Packaging, Carbonation, and Others), By End-use (Food & Beverages, Pharmaceuticals, Chemicals, and Others), and By Region Forecast to 2032

• Published Date: Nov 2023

The Food Grade Industrial Gas Market was worth USD 6.48 Billion in 2022 and is estimated to be worth USD 12.95 Billion in 2032, increasing at an 8% CAGR during the forecast period. The key drivers of market revenue growth are increased demand for con... Find More

Distributed Natural Gas Fueled Generation Market By Technology (Combustion Turbine, Reciprocating Engine, Fuel Cell), By Application (Residential, Commercial, Industrial), and By Region Forecast to 2032

The Distributed Natural Gas Fueled Generation Market was worth USD 2.52 Billion in 2022 and is estimated to be worth USD 3.91 Billion in 2032, increasing at a CAGR of 5% over the forecast period. The utilization of distributed natural gas-powered ge... Find More

Drill Bit Market By Type (Twist Drill Bit, Hole Saw Drill Bit, Masonry Drill Bit, Countersink Drill Bit, and Others), By Material (High-Speed Steel, Cobalt Steel, Carbide, Diamond Tipped, and Others), By End-use (Oil & Gas, Construction, Manufacturing, Mining, and Others), and By Region Forecast to 2032

Drill Bit Market was worth USD 6.11 Billion in 2022 and is estimated to be worth USD 10.32 Billion in 2032, increasing at a CAGR of 6% during the forecast period. The primary consumer base for drill bits is the oil and gas sector, witnessing substan... Find More

Very Large Gas Carrier (VLGC) Market, By Type (Fully Pressurized, Semi-Pressurized, and Fully Refrigerated), By End-use (Industrial, Commercial, and Residential), and By Region Forecast to 2032

• Published Date: Oct 2023

The global Very Large Gas Carrier (VLGC) market size was USD 6.44 Billion in 2022 and is expected to reach USD 9.09 Billion in 2032, and register a rapid revenue CAGR of 3.9% during the forecast period. Rising demand for Liquefied Petroleum Gas (LPG)... Find More

Thermoplastic Pipe Market, By Product Type [Polyethylene, (Polyvinyl Chloride (PVC), Polyvinylidene Fluoride (PVDF), and Others], By Application [Oil & Gas (O&G), Municipal, Mining & Dredging, and Others], and By Region Forecast to 2032

The global thermoplastic pipe market size was USD 3.75 Billion in 2022 and is expected to reach USD 6.89 Billion in 2032, and register a rapid revenue CAGR of 7% during the forecast period. Rising use of thermoplastic pipes in the Oil & Gas (O&a... Find More

Subsea Control System Market, By Component Type (Hardware, Software, and Services), By Application (Production, Processing, and Others), By Water Depth (Shallow Water, Deep Water, and Ultra-Deep Water), and By Region Forecast to 2032

• Published Date: Sep 2023

The global subsea control system market size was USD 5.2 Billion in 2022 and is expected to reach USD 11.58 Billion in 2032, and register a rapid revenue CAGR of 9.3% during the forecast period. Rising energy demand and increasing requirement for ne... Find More

Subsea Production and Processing System Market, By Component (Subsea Trees, Manifolds, Control Systems, Umbilicals, and Others), By Application [Oil & Gas (O&G) and Others), and By Region Forecast to 2032

The global subsea production and processing system market size was USD 15.4 Billion in 2022 and is expected to reach USD 26.46 Billion in 2032, and register a rapid revenue CAGR of 6.2% during the forecast period. Rising demand for Oil & Gas (O&... Find More

Oil and Gas Accumulators Market by Type (Bladder, Piston, Diaphragm, and Others), by Application (Offshore, Onshore), and by Region Forecast to 2032

The global oil and gas accumulators market size was USD 1.26 Billion in 2022 and is expected to reach a value of USD 1.95 Billion in 2032 and register a revenue CAGR of 5% during the forecast period. Hydraulic systems are used extensively in the oil... Find More

More From Forbes

What sanctions 85% of russia’s oil finds buyers in china and india.

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Vazeyskaya oil field in Siberia, Russia (Photo: Shepard Sherbell/Corbis SABA)

As the war triggered by Russia's invasion of Ukraine in 2022 wages on with increasing ferocity, Moscow's oil exports - subject to U.S. and Western sanctions - continue to find their way in incremental volumes to China and India, according to fresh industry research.

In late 2022, the U.S. and its allies slapped a price cap of around $60 per barrel for cargoes of Russian crude to access western services needed for shipping, including insurance and tankers. The idea was to limit both Russian crude volumes as well as Moscow's earnings from the sale of oil on the global market.

But according to the Centre for Research on Energy and Clean Air (CREA) , nearly two years on Western sanctions appear to be having little impact courtesy of China and India - two of the world's biggest importers of crude oil.

In July , China bought 47% of Russia's crude exports by volume, followed by India which accounted for 37%. Buyers in the European Union took in 7% and Turkey 6%.

It seems 2024 is also following an oil trading pattern that was well established last year between Moscow and Beijing, and Moscow and Delhi in particular. India's imports from Russia make up for a remarkable 40% of its total oil purchases on the global market.

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For context, prior to the Russia-Ukraine war, Delhi's imports of Russian crude were less than 1% of its total intake. Now its a monthly oil trading partnership between Delhi and Moscow worth in the region of nearly $3 billion or 1.85 to 1.95 million barrels per day.

'Shadow' Tanker Fleets

According to physical trading sources in Singapore and Mumbai, Russia's Urals crude typically trades up to 5-10% below the Brent crude price. The discount serves as an incentive for buyers.

But the wider sale prices are still nowhere near the cap Westerns nations envisaged. That's largely thanks to fleets of dark or 'shadow' tankers, i.e. tankers with unclear ownership structures created through various entities that make it difficult to pin down who actually owns or controls them, as well as compel them to follow Western sanctions.

CREA noted that: "81% of the total value of Russian seaborne crude oil was transported by 'shadow' tankers, while tankers owned or insured in countries implementing the price cap accounted for 19%.

"Russia's reliance on tankers that are owned or insured in G7 countries has fallen due to the growth of 'shadow' tankers. This subsequently impacts the coalition's leverage to lower the price cap and hit Russia's oil export revenues."

While there have been calls to curb the influence of 'shadow' tankers, this has proven very difficult in practice. For its part, CREA suggested: "Sanction-imposing countries should ban the sale of old tankers to owners registered in countries that do not implement the oil price cap policy.

"This would help limit the increase of 'shadow' tankers used to transport Russian fossil fuels which has been observed since their full-scale invasion of Ukraine."

Not Just Oil

But oil isn't the only Russian fossil fuel export that is finding its way to China and India. With both nations being major consumers of coal , inevitably Moscow's coal has also ended up on their shores.

"From December 5, 2022 until the end of July 2024, China purchased 45% of all Russia's coal exports followed by India (18%). Turkey (10%), South Korea (10%) and Taiwan (5%) round off the top five buyers list," CREA said .

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Trump’s plan to unleash LNG exports runs through China

By Brian Dabbs, Carlos Anchondo | 08/19/2024 06:39 AM EDT

The former president’s energy policies could increase liquefied natural gas sales to a country he bashes on the campaign trail.

Former President Donald Trump plans to ramp up natural gas exports if elected this fall, and a surge in shipments could mean more business with one of the biggest U.S. foes: China.

That would put a second Trump administration in an awkward position, as much of his campaign platform focuses on combating the Asian economic giant — and slapping major tariffs on goods imported from it.

Trump is proposing to cut key regulations for the LNG sector and would likely advance controversial projects, such as a proposed Louisiana terminal known as CP2 . If elected, the Republican leader is also expected to target low-hanging fruit to benefit the sector, such as the removal of a DOE requirement that forces companies to export LNG within seven years of project approval.

Analysts say the November election could directly affect the amount of U.S. LNG sold globally and to whom. Big volumes of U.S. LNG exports are all but certain to end up in China, the biggest new potential market for U.S. gas, even though trade protections against the country are in vogue in the U.S.

Many Republicans see an opportunity to force Chinese concessions with LNG.

“If you could provide an energy source to your great economic enemy that they’re paying cash for … if you could addict them to that, which would clean up their environment, wouldn’t that give you more leverage ultimately?” said Rep. Frank Lucas (R-Okla.), chair of the Science, Space and Technology Committee, at a June hearing.

Lucas said LNG export restrictions “limit your ability to create leverage with one of your greatest adversaries.”

China is reluctant to sign new long-term contracts with the U.S., in contrast to other suppliers, according to experts. Last year, China Petroleum & Chemical Corp. agreed to purchase LNG for 27 years from QatarEnergy, a rival to U.S. suppliers , after the two sides reached a similar agreement in 2022. China also imports massive LNG volumes from Australia, Russia and Malaysia.

The U.S. Energy Information Administration says Chinese gas demand ticked up 7 percent in 2023 over 2022, while the country’s LNG import demand increased 13 percent during that time period.

The Biden administration has advanced many gas export projects, but the Department of Energy paused approvals of new projects in January to review the economic and climate impacts of LNG, a fossil fuel that emits methane, a potent greenhouse gas, when burned or leaked. Environmental groups such as Sierra Club, Greenpeace and Evergreen Action are staunchly opposed to LNG.

The administration is also warning that U.S. gas will boost the globe’s second-largest economy.

“The biggest additional potential source for our LNG to go to is China,” Deputy Energy Secretary David Turk said in that June hearing at the House Science, Space and Technology Committee. “They could increase their LNG uptake 65 percent [by] 2030.”

Some Senate Democrats and Sen. Angus King (I-Maine) introduced legislation in February to ban U.S. LNG sales to China.

Even beyond economic tensions, the push for more LNG to China comes at a sensitive time in bilateral relations. The Chinese government recently suspended nuclear nonproliferation and arms talks with the U.S. amid increased tensions over Taiwan. The Federal Bureau of Investigations is warning of Chinese espionage .

At a sprawling press conference rife with personal attacks against Democratic White House contender and current Vice President Kamala Harris this month, Trump said he and Chinese President Xi Jinping “had a very good relationship until Covid,” a reference to the coronavirus pandemic whose origins date to Wuhan, China in 2019.

“We cannot have it where China is taking advantage of the U.S.,” Trump said, adding that he expects to “get along great with China” if he wins in November.

Karoline Leavitt, press secretary for the Trump campaign, did not comment on a question from POLITICO’s E&E News about how a future Trump administration would impact LNG exports to China.

Last year, Republicans in Congress tried to force the Biden administration to halt crude oil shipments to China from an emergency federal stockpile. Now, some Republicans are calling for restrictions on other exports to China, such as microchips, arguing U.S. chips could enable the country to lead the artificial intelligence race. House Republicans may look to pass several China-related bills next month, according to POLITICO .

Experts say tensions with China will likely persist for years.

“Whichever party wins the White House, and/or Congress, there’s going to be increasing pressure on China,” said Christopher Goncalves, a managing director and chair of the energy and climate practice at the Berkeley Research Group.

The Biden administration says Chinese production endangers U.S. companies. Treasury Department Under Secretary for International Affairs Jay Shambaugh argued recently that China plans to “push manufacturing even further as China’s growth driver, which means taking on an increasingly outsized share of global production,” adding that “China’s industrial subsidies are simply much larger than those of other countries.”

Tariffs on Chinese steel, electric vehicles and other goods have increased in the past four years, following a U.S.-China tariff war under the Trump administration. Biden’s team touts clean energy tax breaks and subsidies in the 2022 Inflation Reduction Act and 2021 bipartisan infrastructure law as counters to China’s manufacturing acumen.

Dan Byers, vice president for policy at the U.S. Chamber of Commerce’s Global Energy Institute, said having China depend on the U.S. for energy is “generally a good thing.”

China was the sixth-largest destination for U.S. LNG exports in May, according to a recent DOE report . Just over half of the country’s LNG shipments went to Asia that month, followed by 38 percent going to Europe.

China relies on domestically produced coal and clean energy, LNG and Russian gas to fuel its growing economy and military might. A proposed — and still under negotiation — Russian gas pipeline to Northeast China, called Power of Siberia 2, could ply the Chinese economy with 50 billion cubic meters of gas per year, more than twice what was piped between the two countries in 2023.

‘Reliable trade’

During the Trump administration, China slapped tariffs on U.S. LNG. The country and its leaders have a particular approach to energy, observers said.

“They easily could have capitalized on our years of cheap, reliable LNG and become dependent on us. But they didn’t,” said Courtney Manning, senior research scientist at the American Security Project. “Beijing knows that if it starts to import or sign contracts on these 16-, 20-, 24-year terms, like it’s doing with other countries whose relationships are more normalized, that the US could use this to its advantage.”

On a Columbia University podcast released last month, Erica Downs, a senior research scholar at the school’s Center on Global Energy Policy, also rebuffed the argument that U.S. LNG can seriously influence Chinese policymaking, saying China has a “long-standing approach to energy supply security, which is to avoid becoming dependent on any single one supplier.”

Some observers say LNG is a bridge between the two dominant economies globally.

“These economies are so linked that it makes more sense to have reliable trade,” Nick Loris, vice president of public policy at the Conservative Coalition for Climate Solutions, said in an interview. “There’s obviously a lot of reasons that policymakers are concerned with the Chinese government, and those reasons are legitimate. But I think there’s a lot of reasons that we can’t just decouple from China either. That requires a balancing act.”

To boost U.S. LNG exports, the former president will first need to win at the polls. Then he’ll have to tackle serious challenges facing the industry, including international market competition, Biden administration regulations and environmental lawsuits.

Trump’s allies in the fossil fuel industry are pledging to overcome those barriers.

“For the environment, the case is clear: We need more American natural gas and more capacity to deliver LNG to allies,” Mike Sommers, president of the fossil fuel lobbying group American Petroleum Institute, said recently on X .

Project 2025, a blueprint for a second Trump administration partly penned by his former appointees and helmed by the conservative Heritage Foundation, calls for automatic LNG shipments to “all of our allies” and urges the removal of “political and climate change interference” in DOE approvals.

Trump has recently distanced himself from Project 2025 as criticism from Democrats on the initiative has grown. The director of Project 2025, Paul Dans, stepped down in late July .

LNG effects

Trump’s allies say deregulation would boost exports, create thousands of domestic jobs, and slash carbon dioxide emissions. That approach is backed by many Republicans and some Democrats in Congress.

An industry-backed study released in April found that U.S. LNG emits less greenhouse gas than coal in many global markets.

More than 50 House members, including several Democrats, urged DOE in a letter last month to “swiftly review and approve” new U.S. LNG projects, which they called a “boon for the U.S. and global economy.” Meanwhile, a new permitting bill gaining steam in the Senate would expedite LNG approvals.

But the November election comes as the policymakers and the American public debate the value of methane-emitting gas in a world increasingly ravaged by climate change. Many experts say the rosy picture of LNG painted by Trump’s allies is actually far more complicated.

Climate activists warn that LNG growth globally will quash goals to slash greenhouse gas emissions and pollute communities at U.S. production sites, while some national security experts say LNG exports threaten domestic energy reliability and U.S. national security goals.

Sierra Club and Greenpeace released a report last week that finds air pollution from LNG export terminals cause hundreds of premature deaths in the U.S. and billions of dollars in health costs, on top of damages to the climate.

Other analysts have said exporting U.S. LNG to China could help curb that country’s coal use.

Global demand for LNG is growing, even as many countries deploy more renewables and coal to meet rising electricity demand.

The International Energy Agency, a Paris-based organization designed to increase global energy cooperation, said in a recent report that LNG trade this year “increased at a rate well above its historical average,” noting that “both China and India returned to double-digit growth rates in the first half of 2024.” Shell, an oil and gas major, predicts 50 percent growth by 2040.

But Goncalves said Chinese demand for LNG is expected to moderate.

“It seems like the outlook for the kinds of robust Chinese demand growth we saw for the last decade is gone, and the expectations are now for much slower growth in China over the coming five to 10 years,” he said.

Growth prospects

The Biden administration announced a pause in January on LNG export application approvals to countries that don’t have a free trade agreement with the United States, a move praised by environmental groups and slammed by the oil and gas industry.

In July, a federal judge in Louisiana overturned the freeze, saying it appeared DOE’s decision was “completely without reason or logic and is perhaps the epiphany of ideocracy.”

This month, the Biden administration appealed the judge’s ruling with the 5th U.S. Circuit Court of Appeals.

But U.S. LNG exports are poised to grow by more than 16 percent from 2024 to 2025, according to the Energy Department’s analytical agency.

Fauzeya Rahman, LNG market specialist at the commodity research group ICIS, said there are at least five projects awaiting approval at DOE after getting the sign off from another federal agency, the Federal Energy Regulatory Commission.

More U.S. exports are a key plank in the Republican campaign to “drill, baby, drill.”

“I will approve the export terminals on my very first day back,” Trump said at a rally in Las Vegas earlier this year. “It’s good for the environment, not bad, and good for our country.”

Leavitt with the Trump campaign said the Biden administration is caving “to the radical demand of the environmental extremists.”

“The decision to block the approval of new facilities to export American natural gas is one more disastrous self-inflicted wound that will further undermine America’s economic and national security,” she said in a statement. “On day one, President Trump will unleash American Energy.”

U.S. producers are firmly backing Trump. Along with broad deregulation at the federal level, LNG is also a major priority for U.S. shale producers who sit on vast, untapped gas reserves and see their biggest growth and profit opportunities abroad.

Ellen Wald, an energy consultant and Atlantic Council fellow, predicted that a second Trump administration would speed up permitting of new LNG facilities to meet demand across the globe — including in Europe, where many analysts anticipate a decline in gas.

“U.S. LNG is the fastest-growing LNG,” she said in an interview. “The idea that ‘Oh, guess there’s so much approved already that we don’t need to approve more,’ I think is very, very short-sighted.”

“Your allies might really need more, and you don’t know what’s going to happen in 10 years,” she said.

Domestic challenges

Goncalves said Trump is likely to support LNG exports to China, while the picture is less clear for a potential Harris administration.

But Paul Bledsoe, a lecturer at American University’s Center for Environmental Policy, said Harris is likely to continue Biden’s policies when it comes to LNG exports, including supporting large exports to Europe.

“I expect that U.S. natural gas will continue to play a major role in displacing Russian gas under a Harris administration,” said Bledsoe, a former Clinton administration official.

Bledsoe, who said he expects new licensing criteria for LNG exports to come out of the DOE review, said he anticipates Harris will work to further curb methane emissions from the U.S. oil and gas industry.

The Harris campaign did not respond to a request for comment.

Harris’ emphasis on fighting inflation makes it clear that she will continue to support low-cost production, Bledsoe said.

Bledsoe said he doubts Trump could do much to increase U.S. LNG exports above the current record levels that have occurred under Biden.

“I actually don’t think that Trump policies would have influence at all on U.S. oil and gas production,” Bledsoe said. “Our production of oil and gas is really based on market conditions, rather than government conditions,” he said.

“U.S. exports will continue to grow, but less quickly than they have in the last four years,” Bledsoe said.

Steven Miles, a fellow for global natural gas at Rice University’s Baker Institute, said a second Trump administration would have to contend with a flurry of government initiatives — domestic and international — meant to curb the emissions footprint of natural gas.

The “methane fee,” a U.S. program created in the Inflation Reduction Act, requires oil and gas companies to pay if methane leaks exceed certain levels. Excess methane produced in 2024 would result in a fee of $900 per metric ton, with fees increasing up to $1,500 per metric ton by 2026.

Miles, who said the methane fee is an example of a “front-door tax” on U.S. LNG, noted that Qatar — one of the world’s top LNG exporters — doesn’t have to pay a methane tax.

“Every time we increase the costs on ourselves, and not on them, we have an economic issue,” Miles said in an interview.

Tyson Slocum, director of the energy program at consumer advocacy group Public Citizen, said while Trump could direct his DOE to issue export authorizations immediately, those would be challenged quickly in court.

“Trump can do whatever he wants on Day One and claim that he’s going to immediately approve all of these pending and stalled projects, but that’s not going to make it happen,” Slocum said. “We’re going to exercise our rights as legal interveners and we’re going to tie this up in the courts.”

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Oil & Gas in North America

Market Research Report Summary

Oil & Gas in North America report is published on September 2, 2019 and has 47 pages in it. This market research report provides information about Energy Trading & Marketing, Country Overview (Energy & Utilities), Energy & Utilities industry. It covers North America market data and forecasts. It is priced starting at USD 350.00 for Single User License (PDF) which allows one person to use this report.

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Oil & Gas in North America industry profile provides top-line qualitative and quantitative summary information including: market size (value and volume 2014-18, and forecast to 2023). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights

- The oil and gas market volume is defined as the total consumption (barrels of oil equivalent) of refined petroleum products and natural gas by end-users in each country. - The North American oil & gas market had total revenues of $657.9bn in 2018, representing a compound annual rate of change (CARC) of -7.4% between 2014 and 2018. - Market consumption volume increased with a compound annual growth rate (CAGR) of 2% between 2014 and 2018, to reach a total of 15,450.4 million Barrel of oil equivalent in 2018. - The performance of the market is forecast to accelerate, with an anticipated CAGR of 2.8% for the five-year period 2018 - 2023, which is expected to drive the market to a value of $755.9bn by the end of 2023.

- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the oil & gas market in North America - Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the oil & gas market in North America - Leading company profiles reveal details of key oil & gas market players’ global operations and financial performance - Add weight to presentations and pitches by understanding the future growth prospects of the North America oil & gas market with five year forecasts by both value and volume

Reasons to buy

- What was the size of the North America oil & gas market by value in 2018? - What will be the size of the North America oil & gas market in 2023? - What factors are affecting the strength of competition in the North America oil & gas market? - How has the market performed over the last five years? - What are the main segments that make up North America's oil & gas market?

Table of Contents 1 Executive Summary 1.1. Market value 1.2. Market value forecast 1.3. Market volume 1.4. Market volume forecast 1.5. Category segmentation 1.6. Geography segmentation 1.7. Market rivalry 1.8. Competitive Landscape 2 Market Overview 2.1. Market definition 2.2. Market analysis 3 Market Data 3.1. Market value 3.2. Market volume 4 Market Segmentation 4.1. Category segmentation 4.2. Geography segmentation 5 Market Outlook 5.1. Market value forecast 5.2. Market volume forecast 6 Five Forces Analysis 6.1. Summary 6.2. Buyer power 6.3. Supplier power 6.4. New entrants 6.5. Threat of substitutes 6.6. Degree of rivalry 7 Competitive Landscape 7.1. Who are the leading players? 7.2. What strategies do the leading players follow? 7.3. What have been the most significant contracts/acquisitions over the last year? 8 Company Profiles 8.1. Exxon Mobil Corporation 8.2. Petroleos Mexicanos 8.3. Saulsbury Industries Inc 8.4. Chevron Corporation 9 Appendix 9.1. Methodology 9.2. About MarketLine

List of Tables List of Tables Table 1: North America oil & gas market value: $ billion, 2014-18 Table 2: North America oil & gas market volume: million barrels of oil equivalent, 2014-18 Table 3: North America oil & gas market category segmentation: $ billion, 2018 Table 4: North America oil & gas market geography segmentation: $ billion, 2018 Table 5: North America oil & gas market value forecast: $ billion, 2018-23 Table 6: North America oil & gas market volume forecast: million barrels of oil equivalent, 2018-23 Table 7: Exxon Mobil Corporation: key facts Table 8: Exxon Mobil Corporation: Annual Financial Ratios Table 9: Exxon Mobil Corporation: Key Employees Table 10: Exxon Mobil Corporation: Key Employees Continued Table 11: Petroleos Mexicanos: key facts Table 12: Petroleos Mexicanos: Key Employees Table 13: Saulsbury Industries Inc: key facts Table 14: Saulsbury Industries Inc: Key Employees Table 15: Chevron Corporation: key facts Table 16: Chevron Corporation: Annual Financial Ratios Table 17: Chevron Corporation: Key Employees Table 18: Chevron Corporation: Key Employees Continued

List of Figures List of Figures Figure 1: North America oil & gas market value: $ billion, 2014-18 Figure 2: North America oil & gas market volume: million barrels of oil equivalent, 2014-18 Figure 3: North America oil & gas market category segmentation: % share, by value, 2018 Figure 4: North America oil & gas market geography segmentation: % share, by value, 2018 Figure 5: North America oil & gas market value forecast: $ billion, 2018-23 Figure 6: North America oil & gas market volume forecast: million barrels of oil equivalent, 2018-23 Figure 7: Forces driving competition in the oil & gas market in North America, 2018 Figure 8: Drivers of buyer power in the oil & gas market in North America, 2018 Figure 9: Drivers of supplier power in the oil & gas market in North America, 2018 Figure 10: Factors influencing the likelihood of new entrants in the oil & gas market in North America, 2018 Figure 11: Factors influencing the threat of substitutes in the oil & gas market in North America, 2018 Figure 12: Drivers of degree of rivalry in the oil & gas market in North America, 2018

Exxon Mobil Corporation Petroleos Mexicanos Saulsbury Industries Inc Chevron Corporation

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• Real Estate

How healthy is Oklahoma's oil and gas industry? A look a production, revenue

Fall in demand leads to lower oil production demand growth forecast for remainder of the year and 2025, according to industry experts..

Revenue to the state from Oklahoma's oil and gas business increased only slightly in July, according to State Treasurer Todd Russ.

In its monthly report, Russ' office reported Monday that revenue from the state's gross production tax (GPT) was $83.7 million, up just $600,000 from the previous month.

Since the beginning of the year, GPT revenue has dropped sharply from its $160 million level in January, a sign of slowing demand for oil and gas, Russ said.

WTI Crude oil prices dropped about $1 from June, averaging $81.80 a barrel, according to the report.

More: Dell announces worldwide layoffs; effect on OKC office unknown

Industry forecasts predicted higher gains in GPT, a severance tax imposed on producers for the extraction of oil and natural gas. Russ' report noted that the Organization of the Petroleum Exporting Countries, or OPEC, lowered demand growth forecasts for the remainder of the year, "as prices appear stuck between war premium and oil demand outlooks."

The International Energy Agency predicts low global oil production demand will continue into 2025 as production needs have fallen by about half since last year, according to a report released this month. The industry depends heavily on its U.S. market, which makes up about one-third of its consumers for global gasoline.

The average price of gasoline across the United States increased to $3.60 in July from $3.58 last month, the treasurer's report said.

Russ also reported that the unemployment rate in Oklahoma increased slightly in July to 4.3%, compared to 3.4% in June. The average U.S. rate for a 30-year fixed rate mortgage in July was 6.85%, down 1.01% from the previous month.

The oil industry is booming. This West Texas small business worries it’s been left behind.

Before the pandemic, Ben Bilbrey worked with some of the largest oil companies. Now he’s waiting for the phone to ring.

Subscribe to The Y’all — a weekly dispatch about the people, places and policies defining Texas, produced by Texas Tribune journalists living in communities across the state.

GOLDSMITH — It’s Friday, which means it’s hamburger day at Benro Pump and Supply.

Employees of this family-owned company gather around the grill outside the garage. In the background are endless rows of pipes, tools and other equipment that help lift the vast oil supply in the Permian Basin.

A year ago, the shop that makes custom oil pumps was busy. So while owner Ben Bilbrey, his wife Corinna, and their team, enjoyed the peaceful afternoon in July, anxiety loomed.

It's not usually this quiet.

“It’s been an unusual year,” Bilbrey said. “You do get a little nervous, but you just gotta get through it.”

In his lifetime, Bilbrey has seen the ups and downs of the oil and gas industry. And yet, while the industry is mounting record profits, there are fewer locally-owned and family-operated companies like his in West Texas.

The bustling industry is both changing and contracting. Corporate mergers mean fewer customers for oil equipment companies like Bilbrey’s. And technological advances also allow big oil to do more with fewer people and less equipment.

To be sure, the 10-person company established in 1984 is still making a profit: 40% last year. But the phone isn’t ringing like it used to.

Six years ago, Bilbrey installed and serviced pumps for big names like Apache Corporation, Blackbeard Operating, and Conoco Philips. He lost their business during the early days of the pandemic when oil production briefly paused. Bilbrey has tried unsuccessfully to convince them to use his services. He hopes to lock in a deal soon.

When the phone does ring, companies bargain for lower prices. They want Bilbrey to meet the cost of a wholesale pump. Those lower prices are not realistic, he said, if he wants to keep the company afloat. And his pumps are expensive because they are meant to last as long as the industry does.

Corinna stays positive.

“We're in it for the long haul, and we know the life of that pump,” she said. Even when there is a downturn in the market — and there is none in sight — “Pumps are still pumping.”

Earlier in the day, one of Bilbrey’s employees, Benny Ford, drove out to an abandoned lot. Scraps of a pumpjack and old pipes were strewn all over the place. A ditch was filled with a rank chemical liquid.

A customer’s well had dried up after four years. The company had no other use for it. Ford was sent there to collect the 24-foot pump.

Days before Ford arrived, a crew of rig hands dug out the pump. The workers, employed by a well-servicing company, came with a truck with a rig mounted on its bed. Inside the rig, a long frame called the derrick lifted the steel tower until it is stood upright above the wellhead.

The workers used large tongs to pull up the pump and other equipment from underground.

One excavation can take hours. Once the pump is out, the company must seal the well. By the time Ford drove up to the site, all he needed to do was retrieve the pump.

The 25-year-old assistant foreman clipped the pump onto hooks on the passenger side of his truck and began the 15-minute drive back to the office.

Ford was hired at Benro Pump in 2019. In his previous job, the Oklahoma native helped build electrical substations in the oil fields. It was a good-paying gig, he said. But the 14-hour shifts with no holidays were terrible.

After a year on the job, he took a break. When it was time to go back to work, he saw a job listing at Benro Pump. Ford knew nothing about pumps when he was interviewed but said he was a quick study.

Much like Ford, Bilbrey, the company’s founder, didn’t know much about pumps when he started working the oil fields.

Bilbrey was 19 when he started his first job in the oil fields, manufacturing, delivering and servicing pumps that draw fossil fuels from thousands of feet underground. Like his father before him, he learned the trade.

In 1984, he decided he had enough experience to open a business. To fund the idea, he took on $300,000 in debt, which he used to buy the materials and equipment and hire employees. He named it Benro, an amalgam of his name and the name of his ex-wife, Rodine.

The name stuck. So has the business, despite the winding economic downturns in the oil and gas industry that followed.

The company’s custom-made pumps are a simple yet fool-proof method that oil companies rely on to continue accumulating oil from a well that was drilled years ago. Where there are drilling rigs, a pump follows.

Bilbrey retired in 2014, but during his retirement, he said management issues festered. He returned five years later and recruited his wife, Corinna, to sort out the company’s books. His daughter manages the federal workforce guidelines. By 2021, it was a full-fledged family business.

Together they oversee a team of laborers who build pumps that can withstand the heaving pressure from lifting the fossil fuels thousands of feet below the ground for years.

Bilbrey prides himself on the quality of the pumps. The company builds different models, which range dramatically in price. A so-called Cadillac pump, built with high-grade metals and parts, which can go deeper, can cost up to $17,000. These pumps last up to 20 years. His team will also service the equipment and replace parts quickly.

Bilbrey does sell a more generic pump, which costs between $4,000 and $6,000 and is expected to last about a year.

Bilbrey’s overhead is about $200,000, he said. Costs add up quick. And this year, the company also will spend roughly $170,000 on insurance, almost double what they spent in 2022. That’s because larger oil companies require more expensive liability protections. They are bracing for an additional increase next month in insurance costs.

“It's hard for us because we don't sell the lowest price thing, we sell the best service and we sell high quality,” said Corinna. “And that's hard when your customers are driven by numbers.”

Despite changes in drilling, companies will still need pumps to collect oil from wells. Bilbrey said companies need to be persuaded to spend that kind of money on a quality pump when they can get it cheaper from a wholesaler, whose pumps sell for 10-15% less. Though it is not much of a difference, Bilbrey said larger companies — of which there are more than 30 in the area — don’t offer the continued dedicated service that Benro Pump does.

The industry is changing how it drills. Companies are drilling with fewer rotary rigs, the towers of steel that crews mount to drill. Fewer rigs mean fewer holes in the ground and, over time, less demand for pumps.

The change is due in part to horizontal fracking, a practice that allows companies to reach further distances in the layers of rock containing fossil fuels without having to drill deeper. Longer wells call for less of them.

Data shows the number of wells is declining. According to Baker Hughes, which has tracked rig counts for decades, there were 370 rigs in Texas operated by oil companies in March 2023. That number fell to 294 in March of 2024.

The number of exploration and production companies that find and drill for oil is also decreasing. There are 16% fewer producers than in 2021 — approximately 116 companies have been purchased or merged into larger ones, according to data provided by Rystad Energy.

Thomas Jacob, senior vice president of oil field services and data research at Rystad Energy, said mergers contribute to fewer rigs. He said companies don’t always add up their rigs.

At least six companies merged or absorbed others in 2023, according to the Energy Information Administration. The companies, which included Chevron, Occidental Petroleum Corporation and Diamondback Energy, spent $234 billion on mergers and acquisitions.

Jacob said that mergers affect the way big oil companies do business. Larger companies may prefer to work with vendors and contractors whose business is as large as theirs. This disparately impacts smaller oil companies that must compete with wholesalers who carry much more product, charge less and employ more people. Smaller companies also can’t always afford the expenses that come with working for a big company, like higher insurance costs.

“We are seeing these smaller companies lose work, they've had to significantly slash prices to see if they can keep going,” he said. “A few of them have started to declare bankruptcy.”

The drive south from the lease roads to the shop took Ford about 15 minutes. There, he debriefed his coworkers.

Benro Pump waits for the phone to ring. Echoing through the normally loud and rowdy shop is the creak of swiveling chairs and the searing meat. The grilling cools their nerves.

The workers can’t help but think about what the future of the oil and gas industry holds. Or how the presidential election in November will affect production — and whether the consequences will impact their business.

Ben Bilbrey has seen the industry in its highs and lows. He is used to the instability.

Ford, on the other hand, hasn't.

“It scares me sometimes."

Disclosure: Apache Corporation and Cadillac have been financial supporters of The Texas Tribune, a nonprofit, nonpartisan news organization that is funded in part by donations from members, foundations and corporate sponsors. Financial supporters play no role in the Tribune's journalism. Find a complete list of them here .

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Information about the authors

Carlos Nogueras Ramos

Permian basin reporter.

[email protected]

@criacuervosvibe

Learn about The Texas Tribune’s policies , including our partnership with The Trust Project to increase transparency in news.

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Economy Energy Permian Basin

• Russia Oilfield Services Market

"Actionable Insights to Fuel Your Growth"

Russia Oilfield Services Market Size, Share & COVID-19 Impact Analysis, By Type (Equipment Rental, Field Operations, and Analytical Services), By Service (Geophysical, Drilling, Completion & Workover, Production, and Processing & Separation), By Application (Onshore and Offshore), and Forecasts, 2023-2030

Last Updated: August 05, 2024 | Format: PDF | Report ID: FBI106163

• Segmentation
• Methodology
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KEY MARKET INSIGHTS

The Russia oilfield services market size was USD 17.85 billion in 2022. The market is expected to grow from USD 19.04 billion in 2023 to USD 27.59 billion by 2030, exhibiting a CAGR of 5.4% during the forecast period.

The growth in the production & exploration of natural gas across Russia has steered the Russia oilfield services market growth. The surge in various industrial sectors such as automotive and power generation has propelled industrial enterprises and urbanization, making crude oil and shale gas a key development element. Oilfield services assist in the exploration, drilling, and production of oilfields and their processing and transportation.

COVID-19 IMPACT

Blockades in Global Oil Sales and Reduced Oil Price Harmed the Market Growth amid COVID-19

The global health emergency caused by COVID-19 impacted multiple industries. The industries have suffered significant uptime losses due to the imposition of strict rules such as nationwide lockdowns to reduce the impact and spread of virus. Accordingly, the outburst of the pandemic also changed the demand for oilfield services across Russia.

With the market heavily dependent on the oil and gas industry, the biggest slump in the oil & gas sector in a long time impacted investment in these services. Oversupply and low demand forced leading oil and gas companies to temporarily reduce their oil & shale gas production, ultimately causing volatility in prices. The aforementioned factors impacted the global oil and gas industry, and as a result, the Russia oilfield services market share witnessed a downward trend briefly.

LATEST TRENDS

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Increasing Exploration Activities to Explore Oilfield Discoveries in Russia Drive the Market Growth

Rosneft discovered an offshore gas field in the Arctic in the Vostochno-Prinovozemelsky-2 license area in the Kara Sea in December 2020. The field is said to have total reserves of 514 bcm of gas and 53 million tons of condensate.

According to the U.S. Geological Survey, the Arctic has an untapped potential of 90 billion barrels of oil and 47 trillion cubic meters of natural gas. The Russian zone of the ocean has the largest share of approximately 48 billion barrels of oil and 43 trillion cubic meters of natural gas.

Gazpromneft-Noyabrskneftegaz developed and deployed a new oil deposit search method called MAGIC in September 2019, which enhances efficiency while reducing exploration costs.

All these factors, put together, have given rise to Russia’s exploration activities to find new oil and gas fields. The rise in exploration activities and discoveries is anticipated to increase production activities in Russia, which will require oilfield services to combat the harsh environmental conditions and complex equipment requirements. This, in turn, poses an opportunity for the market in Russia.

Growing Investment in Offshore Oil and Gas Projects to Fuel the Demand for Oilfield Services in Russia

In January 2020, Vladimir Putin, President of Russia, announced USD 300 billion in stimulus for new oil and gas projects north of the Arctic Circle. Growing offshore oil and gas investments such as drilling, production, and exploration would increase demand for oilfield services. Pavel Zavalny, Chairman of the State Duma Energy Committee, stated that global demand for hydrocarbons will remain stable until at least 2040 and that Russia must do everything possible to keep production going.

Russia is likely to witness a massive surge in oil and gas production from offshore locations as the number of rigs increases, fueling the demand for oilfield-related services. The tough production conditions in the Arctic Circle due to the cold weather and ice at offshore locations require special services and equipment that involve high investment costs. The country's economic and climatic factors for offshore production are the major drivers for market growth during the projected period.

DRIVING FACTORS

Growing Consumption of Petroleum Products and Liquid Fuels and Subsequent Investments in Petrochemical Sector to Drive the Market

In the May Short-Term Energy Outlook of 2022, the U.S. Energy Information Administration estimated that 2022 global consumption of petroleum and liquid fuels would be enhanced by 200,000 b/d from April 2022 of 99.6 million b/d, primarily a result of downward revisions to consumption growth in China and the U.S. Hence, Russia is looking to push into petrochemical amid uncertain global crude oil demand prospects.

Russia plans to take new measures to boost the development of the petrochemical industry , aiming to double production to around 20 million tons per year by 2030.

The market entry of ZapSibNefteKhim heralded the beginning of a rapid expansion in the Russian petrochemical industry. In addition, several projects already have the green light, including a 420,000-tonne-per-year ethylene plant in Novy Urengoy in western Siberia, which state-controlled gas company Gazprom commissioned in 2020.

Moreover, in March 2019, the Russian Ministry of Energy has approved a roadmap for the development of petrochemicals up to 2025 with an investment of USD 40 billion. Therefore, increase in the development of petrochemical infrastructure related to oil and gas exploration is expected to drive the Russian market over the forthcoming years.

Increasing Technological Advancements to Enhance the Oilfield Service Efficiency will Drive the Demand

The development of cloud computing or utility computing along with Artificial Intelligence (AI) has resulted in increased development of analytics software & services across oilfield-related services to increase efficiency, while reducing costs, which will boost demand in Russia.

This software can efficiently study the underground geology to understand the location of underground deposits. Technological advances also help in developing digital oilfields that combine enterprises process management with digital technology to automate workflows, maximize productivity, reduce costs, and minimize the risks associated with operations in oil & gas. One recent development with this context occurred in April 2021, where Wintershall Dea, Gazprom, and OMV have developed a new procedure to produce gas from Turonian establishment, which will sustain production of plateau deriving out of Yuzhno-Russkoye field.

In July 2019, the Far Eastern Federal University and Anchar Company suggested using an innovative technology of acoustic low-frequency oil and gas exploration for exploring Arctic fields in the Arctic by capturing ultrasonic sound signals using sensors and a special station capable of operating under the ice.

RESTRAINING FACTORS

Sanctions Against Russia Due to the Ongoing Russia-Ukraine War to Hamper Market Growth

In February 2022, Russia invaded Ukraine by land, air, and sea. Criticizing this attack, the western nations have imposed sanctions on Russia due to the ongoing Russia-Ukraine war.

The European Union announced sanctions against imports of Russian oil brought in by sea from December 2022. The European Union announced the ban on all imports of refined oil products from Russia in February 2023. The U.S. banned all Russian oil and gas imports. The U.K. planned to phase out Russian oil by the end of 2022, and it no longer imports Russian gas. Germany announced that it had frozen plans to open the Nordstream 2 gas pipeline from Russia.

Furthermore, the EU has stopped importing Russian coal. From December 2022, the EU and G7 also plan to cap the price countries pay for Russian oil. The European Union has not yet imposed sanctions on Russian gas as it relies on it for about 40% of its gas needs.

These sanctions have led to oil and gas price fluctuations globally. Moreover, the reduced demand for Russian oil & gas in western countries is bound to have a long-lasting impact on this industry in the country. Nevertheless, the continued export of Russian oil & gas to Asian countries has minimized the restraining impact on the market.

SEGMENTATION

By type analysis.

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Owing to Maximum Utilization of Services, Field Operations Segment Holds a Significant Share of the Market

By type, the market is segmented into equipment rental, field operations, and analytical services. The services and equipment explicitly required during the maintenance and operation of oilfields are categorized under field operation. Field operations segment holds the maximum share owing to the increased number of services and increase in drilling activities. The country’s augmented exploration activities resulted in Russia locating more oilfields. The rig's production activities and the rig count have increased in the past few years. This has amplified the market share of the field operations segment.

To get any oilfield project started, oilfield construction is required, which needs precise, specific, and reliable equipment. Companies prefer this costly equipment to rent, known as equipment rental. The equipment rental segment has the second-highest market share due to increased drilling operations. Due to technological advancement, these services employ software and cloud-based analytic software, known as analytical services. The increasing reliance of oil and gas industries on information technology and cloud services makes analytical services the fastest-growing segment.

By Service Analysis

Rising Production Activities will Drive the Production Segment Growth

Based on service, the market can be divided into geophysical, drilling, completion & workover, production, and processing & separation. Real oil and gas production from oilfields involves equipment and services such as artificial lifts, support vessels, Floating Production Vessels (FPSO), well testing, enhanced oil recovery, digital oilfields, subsea equipment, and many others. Most of the services are employed in the production sector due to increasing production activities from new and old oilfields.

Drilling for exploration and production is important in acquiring crude from oil & gas fields. New technologies, such as directional drilling, horizontal drilling, logging while drilling, managed pressure drilling, and others, make up this service segment. The drilling segment holds the second-highest market share. Completion & workover segment involves well development, repair, and maintenance activities like well intervention, sand control, mud logging, completion fluid, hydraulic fracturing , wireline logging, and others.

Processing & separation segment involves refining, separating various fuel grades, and removing impurities for further use. The technologies, services, and equipment used by the oil and gas industry to acquire seismic data, processing, interpretation, equipment manufacturing, borehole seismic, reservoir geophysics, micro-seismic, and software R&D are included in geophysical prospecting. With growing investments in offshore exploration, the geophysical segment is anticipated to grow at the fastest rate.

By Application Analysis

Onshore Segment to Maintain a Higher Share due to Growing Onshore Processing Activities

Based on application, the market is divided into onshore and offshore. The onshore segment, which involves services for oil and gas activities in onshore locations, accounts for the maximum market share due to the growing requirement for production, separation, and processing services for onshore oilfields. Offshore services include activities on fields in open ocean waters or along coastlines. Offshore services vary based on the depth of the oilfield, such as shallow water, deep water, and ultra-deepwater, which require specific services for different depths. The offshore segment is growing at a high rate owing to the growing investments in exploration and drilling activities in an offshore application.

REGIONAL INSIGHTS

Increased oilfield discoveries and growing investments in offshore exploration and production in the north of the Arctic are major factors driving the market growth. Growing investment in the oil, gas, and petrochemical industry, coupled with technological advancements in the field, has propelled the growth of the Russian market. Despite the economic slowdown due to COVID-19 and the Russia-Ukraine war, Russia has increased investments in the Arctic offshore and pipeline infrastructure. Russia has the longest pipelines globally to enable oil and gas transportation.

The 4,196 km Yamal-Europe pipeline connects Western Siberia in Russia to Austria. The oil and gas carrying Druzhba pipeline from the eastern part of Russia to Germany is the world's longest oil pipeline and one of the world's most extensive oil pipeline networks. The increase in transportation services has directly boosted the market. There have been substantial drilling cuts in the region in the past few years. However, the government’s increased inclination to exploration activities has helped investment in the market in the country.

KEY INDUSTRY PLAYERS

Rosneft-Burenie, Gazprom Bureniye LLC, and Surgutneftegas are Expected to Lead with Investments in Oilfield Equipment 

A study of the competitive landscape of oilfield services shows that very few have enough rig fleets and equipment of global standards. Most oilfield service companies are increasing investments in international standards of quality equipment and specialized equipment for harsh weather conditions. The market has seen various technological advancements coming up to keep pace with the top-performing service providers.

LIST OF KEY COMPANIES PROFILED:

• Rosneft-Burenie (Russia)
• Surgutneftegas (Russia)
• Gazprom Bureniye LLC (Russia)
• NaftaGaz JSC (Russia)
• Wagenborg Oilfield Services (Russia)
• Burintekh, Ltd. (Russia)
• INTEGRA (Russia)
• AKROS Oilfield Services Company (Russia)
• ZAO Arktikshelfneftegaz (Russia)
• ZAO Transarm (Russia)
• OAO Uralmashzavod (Russia)
• HMS Group (Russia)
• Weatherford (U.S.)
• LLC SGK-Burenie (Russia)
• OOO BKE (Russia)
• JSC Investgeoservis (Russia)
• KCA Deutag (U.K.)
• Eriell (Russia)
• Tatburneft (Russia)
• Nabors Industries Ltd. (U.S.)
• Baker Hughes (U.S.)
• Schlumberger (U.S.)
• Halliburton (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• October 2022 – Burintekh, Ltd. received the highest scores in a survey of oil and gas companies in the Bit Service group at the annual Oil and Gas Service in Russia conference in Moscow. The company was congratulated and a diploma was awarded.
• May 2022 – At the Priobskoe field, a 178mm casing with GMB-178 no. 30 was run in the hole for the first time. Field trials of a hydraulic-mechanical shoe showed a positive effect of using the system, resulting in the field trials being performed successfully. Hydraulic-mechanical shoe GMB-178 is designed for reaming previously drilled wellbore while casing running. The rotation of the reaming shoe is achieved by reciprocating the casing up and down with no need to rotate the string itself. The use of easy-to-drill materials allows using conventional PDC bits.
• August 2022 – BURINTEKH, Ltd developed and successfully tested a new mud system, “Hydrogel”. Water-based mud is unique in not containing xanthan gum and all components of domestic production. Successful pilot tests were carried out at the facility of “Gazpromneft-Khantos” LLC, well 43730GS of the Yuzhno-Priobskoye field, in the horizontal drilling interval of 3330-4130 meters. The 800 m horizontal section was drilled with water-based mud without using xanthan gum for the first time.
• October 2022 – Naftagaz-Service agreed with OAO NGK ZHUNGMAN to provide transport services and relocate the drilling rig and crew management. Naftagaz-Service began cooperation with the Chinese oil and gas company Zhongman Oil and Gas Corporation (ZPEC), engaged in the exploration and development of oil and natural gas , engineering, and technical services in the field of oil and gas business, production of high-quality oil and gas equipment, and other activities.
• April 2022 – Naftagaz concluded additional contracts for constructing 346 oil wells as part of the YAMAL Project. The drilling would be conducted using BU 3900 EC 225 and BU 4000/250 EC-BM rig types.

REPORT COVERAGE

An Infographic Representation of Russia Oilfield Services Market

To get information on various segments, share your queries with us

The research report highlights Russia to offer a better understanding of the customer. Additionally, the report provides an understanding of the latest Russian oilfield services market trends and examines technologies being set up rapidly globally. It further elucidates some growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the industry.

Report Scope & Segmentation 

	2019-2030
	2022
	2023
	2023-2030
	2019-2021
	CAGR of 5.4% from 2023 to 2030
	Value (USD Billion)
	By Type, Service, and Application

Frequently Asked Questions

Fortune Business Insights says that the market size was USD 17.85 billion in 2022 and is projected to reach USD 27.59 billion by 2030.

The market is likely to grow at a CAGR of 5.4% over the forecast period (2023-2030).

The field operations segment is anticipated to dominate this market during the forecast period.

New oilfield discoveries in Russia is the key factor driving the market.

Rosneft-Burenie, Surgutneftegas, and Gazprom Bureniye LLC are some of the key participants in this market.

Government incentives for new oil and gas projects north of the Arctic Circle are likely to propel investments in offshore oil and gas activities, such as drilling, production, and exploration, which would accelerate the service demand in Russia.

• STUDY PERIOD: 2019-2030
• BASE YEAR: 2022
• HISTORICAL DATA: 2019-2021
• NO OF PAGES: 179

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The Russia oilfield services market size is expected to grow from $19.04 billion in 2023 to $27.59 billion by 2030, at a CAGR of 5.4% during the forecast period

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Russia's oil and gas revenue is reportedly set to boom 50% this month

• Russia's energy trade likely boomed last month despite sanctions.
• Oil and gas sales were on track to reach $9.4 billion, per calculations from Reuters.
• That's a 50% increase from the prior year, a sign Moscow's energy trade is getting on despite restrictions.

Russia's oil and gas business is set for a windfall this month.

According to Reuters , Russia's oil and gas revenue is set to surge to $9.4 billion in June, up roughly 50% from the $6 billion it took in from oil and gas sales in June of last year. That's a big boost for the Kremlin, given that oil and gas revenues have made up as much as half of the nation's total revenue for the past 10 years.

The increase in revenue has largely been spurred by declining subsidies to Russia's oil refineries, which fell $60 billion from last month. That may encourage refineries to export oil and gas overseas for a higher price, as opposed to keeping oil and gas for domestic sales.

The revenue jump is also a product of Russia's ability to navigate around Western sanctions, despite harsh restrictions on its oil and gas trade.

Western nations have imposed bans on Russian energy imports and $60 price cap on Russian oil. Yet, Moscow has been able to trade its energy products under the radar using a variety of methods, including utilizing a shadow fleet of oil tankers and offloading its oil to its key trading partners like China and India.

The Bank of Russia , though, has admitted sanctions pose an obstacle to its energy trade. Moscow's economy also appears to be feeling the effect of sanctions and the mounting costs of its war against Ukraine. Russia has set aside a record military budget this year. Civilians, meanwhile, are being pressured by high inflation and double-digit interest rates .

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