Future Market Insights provides valuable insights into the APAC upstream oil and gas services market in its new report titled “Upstream Oil and Gas Services Market: Asia Pacific Industry Analysis and Opportunity Assessment, 2016-2021.” The market is estimated to be valued at USD 52.6 billion by the end of 2016 and is expected to grow at a CAGR of 4.0% during the forecast period (2016-2021).
Upstream oil and gas services encompass activities related to the exploration and production of oil and gas from both offshore and onshore fields, aimed at improving production efficiency and extending project lifespans. These services include well drilling, operation, maintenance, fluid sampling, and decommissioning, crucial at various stages of the upstream process.
The increasing demand for crude oil and hydrocarbons in APAC, driven by high urbanization, rapid industrialization, and growing vehicle ownership, is fueling the market’s growth. Furthermore, a recovery in crude oil prices is expected to bring the market back to pre-2014 levels. To meet the growing demand for energy and petrochemicals, exploration of unconventional resources and deep-water exploration activities is on the rise. Technological advancements focused on boosting productivity and reducing production costs will further accelerate the market’s expansion.
Despite these opportunities, the market faces challenges, including fluctuating oil prices, environmental and technological concerns related to exploration and production in remote and harsh environments, and operational difficulties in deep-water exploration, all of which may impact market growth through 2021.
APAC Upstream Oil & Gas Services Market Participants
Some of the market participants identified across the value chain of the APAC Upstream Oil & Gas Services market are Chevron Corporation, BP PLC, Eni S.p.A, Origin Energy Ltd., Murphy Oil Corporation, BHP Biliton Limited, INPEX Corporation, Quadrant Energy Australia Limited, Woodside Petroleum Limited and Royal Dutch Shell PLC. The APAC Upstream Oil & Gas Services market is a highly consolidated market consisting of tier-1 global scale Upstream Oil & Gas Service providers.
For a few companies, Upstream Oil & Gas Services are taken care by regional subsidiaries in the region. For e.g. Eni S.p.A. operates through its subsidiaries, such as Eni Adfin, Ecofuel SpA, Eni SpA Fuel Centrosud, Eni Corporate University and Eni International Resources in Indonesia and Myanmar.
The Upstream Oil & Gas services companies have been focusing on greenfield projects which will offer lead to higher profit margins in addition of existing oil and gas reserves.
Industrial Valve – Market Segmentation
Service Type
- IRM
- Sampling
- Decommissioning
- ROV Drill Support
- SURF Support
- Well Stimulation
Country
- Australia
- New Zealand
- Indonesia
- Myanmar
Report Preview: https://www.futuremarketinsights.com/reports/asia-pacific-upstream-oil-and-gas-services-market
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