March 26, 2019
WELLESLEY, Mass., March 26, 2019— A new report from BCC Research, “Oilfield Exploration & Production Markets: A BCC Research Outlook,” estimates that by 2023, the global market for oilfield exploration and production will reach $530.8 billion, up from $387.8 billion in 2018, indicating a compound annual growth rate (CAGR) of 6.5%.
Oil and gas is one of the world's largest industries, providing the world's population with 60% of its daily energy needs. The world's energy markets are continually expanding, with oil and gas companies spending billions each year to maintain and increase oil production.
“Bigger oilfield service companies indicate that their customers are expressing a demand for technology that saves cash but assures flow,” the report notes. “Major upstream oil and gas companies are incorporating the advantages of innovations in industrial Ethernet connectivity and advanced analytical software.”
An Uncertain Future for Middle Eastern Oil
The recent preparations by the U.S. to revise sanctions on Iran based on the counterbalance provided by the kingdom of Saudi Arabia to meet additional oil production and maintain oil price stability are something to watch out for.
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Oilfield Exploration & Production Markets: A BCC Research Outlook( EGY162A )
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