Dublin, Oct. 14, 2024 (GLOBE NEWSWIRE) -- The "Deepwater and Ultra-Deepwater Exploration and Production Market (2024 Edition): Analysis by Depth, Application, Technology, Region and Country: Market Insights and Forecast (2020-2030)" report has been added to ResearchAndMarkets.com's offering.
This report provides a complete analysis of the Global Deepwater and Ultra-Deepwater Exploration and Production industry for the historical period of 2020-2023, the estimates of 2024 and the forecast period of 2025-2030.
The Global Deepwater and Ultra-Deepwater Exploration and Production market showcased growth at a CAGR of 6.87% during 2020-2023. The market was valued at USD 54.39 Billion in 2023 which is expected to reach USD 96.27 Billion in 2030.
The world's population is steadily increasing, projected to reach nearly 10 billion by 2050. This growth translates into a higher demand for energy across all sectors, including residential, commercial, industrial, and transportation. As more people require energy for basic needs, the demand for oil and gas, which are crucial energy sources, also rises. Deepwater and ultra-deepwater reserves offer a significant opportunity to meet this expanding energy requirement. Moreover, rapid urbanization, particularly in developing countries, is a significant contributor to energy demand. As populations shift from rural areas to cities, the energy requirements for infrastructure development, transportation, and housing soar. Urban centers require reliable energy sources to power industries, services, and residential areas. Deepwater exploration is essential for meeting this demand, as many of these resources are located offshore.
Many countries, particularly in Asia and Africa, are undergoing significant industrialization, leading to increased energy consumption. As economies grow, the demand for energy-intensive industries, such as manufacturing and construction, rises sharply. For instance, emerging economies like China and India are driving the need for oil and gas to fuel their rapid industrial expansion, necessitating investments in deepwater and ultra-deepwater projects. Furthermore, as conventional oil and gas reserves are depleted, energy companies are compelled to seek alternative sources to meet global demand. The aging of onshore fields results in declining production levels, pushing exploration efforts into deeper waters. Deepwater fields are believed to contain around 30% of the world's undiscovered oil and gas resources, making them critical to sustaining energy supplies as conventional sources dwindle.
The advancement of technology also plays a crucial role in the feasibility of deepwater exploration and production. Deepwater drilling was a risky and costly endeavor due to the complexities of operating at great depths and under high pressure. However, modern drilling techniques, such as horizontal drilling and the use of subsea production systems, have transformed the landscape of offshore exploration. Technological innovations have reduced operational risks, improved safety, and increased efficiency in deepwater drilling. With the introduction of digital technologies, companies can utilize big data, AI, and machine learning to optimize exploration and production activities. The ability to monitor and analyze data in real time enhances decision-making processes and reduces the likelihood of costly failures, making deepwater exploration a more attractive option in light of depleting conventional resources.
Moreover, the economics of deepwater exploration have improved significantly due to technological advancements and rising global energy prices. As conventional resources become scarcer, the economic justification for investing in deepwater projects becomes increasingly compelling. Major oil and gas companies are allocating substantial budgets to deepwater exploration, recognizing the long-term value of these assets. With oil prices stabilizing after fluctuations, deepwater projects that may have previously been considered too risky or expensive are now viewed as viable investments. For instance, projects in the Gulf of Mexico and Brazil are seeing renewed interest due to their potential for high returns on investment, especially when compared to the declining profitability of conventional fields.
Furthermore, as traditional markets mature, new opportunities in emerging markets become increasingly appealing. Countries in Africa, Southeast Asia, and South America are rich in deepwater resources but have only recently begun to explore these opportunities due to the high initial costs and risks associated with deepwater drilling. The growing interest in these emerging markets is further fueled by the depletion of conventional resources in more established regions. Investment in deepwater exploration can lead to new discoveries and the development of untapped fields, providing a significant boost to local economies and energy supplies.
Many deepwater and ultra-deepwater regions remain largely unexplored and are believed to hold vast hydrocarbon reserves. Over the past few decades, significant discoveries have been made in locations like Brazil's Santos Basin, Angola, and the Gulf of Mexico, revealing billions of barrels of oil and trillions of cubic feet of natural gas. For example, Brazil's pre-salt fields alone are estimated to hold more than 50 billion barrels of recoverable oil, making it one of the largest offshore discoveries in recent history. These fields represent massive potential for future production, attracting major oil companies seeking to capitalize on these resources.
The discovery of large oil and gas reserves in deepwater regions offers substantial economic incentives. While deepwater exploration and production can be more costly than onshore operations, the scale of these discoveries often justifies the high initial investments. For example, large discoveries in Brazil, West Africa, and the Gulf of Mexico provide access to reservoirs with high production volumes, allowing energy companies to achieve economies of scale. Additionally, advancements in drilling technology, including subsea systems and floating production platforms, have made deepwater exploration more cost-effective. As the industry becomes more proficient at operating in these extreme environments, the cost per barrel of oil equivalent from deepwater fields has decreased, enhancing the profitability of these projects.
Scope of the Report
- The report analyses the Deepwater and Ultra-Deepwater Exploration and Production Market by Value (USD Billion).
- The report analyses the Deepwater and Ultra-Deepwater Exploration and Production Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa) and 11 Countries (Brazil, United States, Mexico, Norway, United Kingdom, Australia, Indonesia, Malaysia, UAE, Egypt, and Israel).
- The report presents the analysis of Deepwater and Ultra-Deepwater Exploration and Production Market for the historical period of 2020-2023, the estimated year 2024 and the forecast period of 2025-2030.
- The report analyses the Deepwater and Ultra-Deepwater Exploration and Production Market By Depth (Deepwater and Ultra Deepwater).
- The report analyses the Deepwater and Ultra-Deepwater Exploration and Production Market By Application (Oil and Natural Gas).
- The report analyses the Deepwater and Ultra-Deepwater Exploration and Production Market By Technology (Subsea Production Systems, FPSO, Drilling and Completion Equipment and Other Technologies).
- The key insights of the report have been presented through the frameworks of SWOT and Porter's Five Forces Analysis. Also, the attractiveness of the market has been presented by region, By Products, by mode of operation & by end users.
- Also, the major opportunities, trends, drivers, and challenges of the industry has been analysed in the report.
- The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report are:
- BP PLC
- Chevron Corporation
- Shell PLC
- ExxonMobil Corp.
- TotalEnergies SE
- Kosmos Energy Ltd.
- Eni SpA
- Petroleo Brasileiro SA
- Repsol SA
- Murphy Oil Corporation
For more information about this report visit https://www.researchandmarkets.com/r/16x3fr
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