Fort Collins, Colorado, April 24, 2024 (GLOBE NEWSWIRE) --
The growing demand for oil and gas drives the need for mobile offshore drilling units.
The increasing demand for oil and gas and the depletion of onshore and shallow-water reserves have driven the need for mobile offshore drilling units (MODUs) to explore and exploit deep-water and ultra-deepwater resources. Several factors, including technological advancements in offshore drilling, the discovery of new offshore oil and gas fields, and the growing global demand for energy fuel this trend.
According to the U.S. Energy Information Administration (EIA), global offshore oil production will increase significantly in the coming years, reaching 11.7 million daily barrels by 2040. This growth is driven by the exploration and development of deep-water and ultra-deepwater reserves that require specialized equipment and expertise, such as MODUs, to access and extract.
The discovery of new offshore oil and gas fields, particularly in regions such as the Gulf of Mexico, Brazil, and West Africa, has fueled the demand for MODUs. These regions are known for their abundant offshore resources and have attracted significant investment from oil and gas companies seeking to tap into these reserves. For example, Brazil's state-owned oil and gas giant Petrobras has announced plans to install 11 offshore production units in the pre-salt layer offshore Brazil by 2027. This ambitious plan aims to increase production capacity to 2.4 million barrels of oil equivalent (boe) per day, further highlighting the importance of MODUs in unlocking offshore reserves.
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Segmentation Overview:
The mobile offshore drilling unit market has been segmented into type, drilling location, and region.
The ultra-deepwater segment is projected to attain a significant market share.
- The ultra-deepwater segment is projected to be the fastest-growing segment during the forecast period. The depletion of shallow water reserves and the increasing demand for oil and gas have compelled exploration and production companies to venture into ultra-deepwater regions.
The jackup rig is the leading segment owing to their flexibility and versatility.
- Based on the market segmentation by type, the jackup rig segment held the largest market share in the mobile offshore drilling unit market in 2023. Jackup rigs are widely used for shallow-water drilling operations due to their cost-effectiveness, operational flexibility, and ability to operate in water depths of up to 400 feet.
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Mobile Offshore Drilling Unit Market Report Highlights:
- The mobile offshore drilling unit market growth is anticipated at a CAGR of 7.6% by 2032.
- The technological advancements in the oil and gas industry propel the industry's growth.
- North America is the leading region and continues to expand in the forecast period, attributed to increase in oil exploration activities.
- Some prominent players in the mobile offshore drilling unit market report include Transocean Ltd., Valaris plc, Noble Corporation, Maersk Drilling, Diamond Offshore Drilling, Inc., Seadrill Limited, Shelf Drilling, Ltd., COSL Drilling Europe AS, Borr Drilling Limited, Odfjell Drilling Ltd., Saipem S.p.A., and Stena Drilling Ltd.
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