Global Oil Exploration and Production
Market Report
2024
Oil Exploration and Production Market Report 2024 (Global Edition)
Oil Exploration and Production market size is $3,588.98 Million in 2024 and it is forecasted to reach $5,116.57 Million by 2031. Oil Exploration and Production Industry's Compound Annual Growth Rate will be 5.20% from 2024 to 2031.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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Global Oil Exploration and Production Market Report 2024 Market Size Split by Type (Natural Gas, Crude Oil), by Application (Onshore, Shallow Water)
As per Cognitive Market Research's latest published report, the Global Oil Exploration and Production market size is $3,588.98 Million in 2024 and it is forecasted to reach $5,116.57 Billion by 2031. Oil Exploration and Production Industry's Compound Annual Growth Rate will be 5.20% from 2024 to 2031.
| Base Year | 2023 |
| Historical Data Time Period | 2019-2023 |
| Forecast Period | 2024-2031 |
| Market Split by Type |
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| Market Split by Application |
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| List of Competitors |
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| Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Oil Exploration and Production Market Report Description
Introduction of Oil Exploration and Production Market
Oil and gas sector comprise three main activities - upstream (exploration and production), midstream (transportation and processing) and downstream (distribution and sale to end users/consumers). Oil exploration is a method used by petroleum geologists and geophysicists for searching for hydrocarbon deposits (oil and gas) under the Earth’s surface. Scientific exploration for oil, in the modern sense, began in 1912 when geologists were first involved in the discovery of the Cushing Field in Oklahoma, USA. The fundamental process remains the same, but modern technology and engineering have vastly improved performance and safety It consists of locating oil and gas reserves using primary technologies particularly seismic surveys and drilling wells.
Exploration is a costly, risky operation because the expenditure associated are usually valued at millions of dollars and every two out of three wells, on average, contain no traces of hydrocarbons. Production in the oil industry is the last but one phase during which hydrocarbons are extracted from an oil or gas field and then first money (or revenue) comes from selling the oil or gas. When the revenue exceeds the company’s initial investment and cost, then they begin to make a profit. Production in an oil field can last several years up to 40 years, depending on the size of the oil or gas field and how expensive it is to keep the wells and production facilities running.
Several major players in oil exploration and production industry are focusing on their oil exploration and production portfolio. For instance, Shell focuses on its upstream portfolio to become more resilient, prioritizing value over volume to provide the energy the world needs today while funding the energy system of tomorrow. The company is also seeking to reduce emissions from our facilities through pursuing operational efficiency in its assets, including reducing its methane emissions. In addition, ExxonMobil is investing more money to grow oil and gas production than any other U.S. company. In fact, the company has invested twice as much to develop global energy resources than it earned ($118 billion invested vs. $55 billion earned) between 2017 and 2021.
There are several factors contributing to the growth of the global oil exploration and production market. The increasing investment in energy and power sector by several government bodies worldwide and rising demand for oil across both commercial and residential sector contribute to the market growth. Whereas, growing investments in upstream projects of oil exploration and production favors the oil exploration and production market growth. Overall, the global oil exploration and production market is expected to exhibit a significant growth during the forecast period.
Market Dynamics of the Oil Exploration and Production Market
Market Driver for the Oil Exploration and Production Market
- The increasing investment in oil sector by several government bodies worldwide elevates the market growth
Many countries view a stable and secure energy supply as crucial for their economic development and national security. Investing in the oil sector helps ensure a reliable source of energy. Oil exploration and production contribute significantly to the economic growth of a country. Governments often invest in the oil sector to capitalize on the potential for high returns, which can be used to fund public services, infrastructure projects, and other essential programs. Despite efforts to transition to renewable energy sources, the global demand for oil remains high. Governments recognize the need to meet this demand and ensure a stable energy supply to support industrial processes, transportation, and other key sectors. The oil and gas industry encompasses activities linked to exploration, including the search for hydrocarbons, identification of high-potential areas for oil and gas extraction, test drilling, the construction of wells, and initial extraction. According to the Center on Global Energy Policy, data 2023, the 2021–22 period of high oil and gas prices did not lead to a significant increase in capital spending by private companies despite record profits. One exception has been upstream exploration and production (E&P) companies, whose capital spending in 2022 was the highest since 2014.
According to the International Labor Organization (ILO), data 2022, the oil and gas industry makes a significant contribution to the global economy and to its growth and development worldwide. The oil industry alone accounts for almost 3 per cent of global domestic product. The trade in crude oil reached US$640 billion in 2020, making it one of the world’s most traded commodities. Additionally, the industry is highly capital-intensive. Globally investments in oil and gas supply reached more than US$511 billion in 2020. According to the oil and gas industry outlook, data 2023, rapid recovery in demand, and geopolitical developments have driven oil prices to 2014 highs and upstream cash flows to record levels. In 2022, the global upstream industry is projected to generate its highest-ever free cash flows of $1.4 trillion at an assumed average Brent oil price of $106/bbl. Until now, the industry has practiced capital discipline and focused on cash flow generation and pay-out—2022 year-to-date average O&G production is up by 4.5% over the same period last year, while 2022 free cash flows per barrel of production is projected to be higher by nearly 70% over 2021. In addition, high commodity prices and growing concerns over energy security are creating urgency for many to diversify supply and accelerate the energy transition. As a result, clean energy investment by Oil &Gas companies has risen by an average of 12% each year since 2020 and is expected to account for an estimated 5% of total Oil & Gas capex spending in 2022, up from less than 2% in 2020.Therefore, investments made over recent decades enabled the United States to become a world leader in oil and natural gas production. Thus, owing to increased oil production, the demand for oil exploration and production has surged during the past few years.
- The rising demand for oil across both commercial and residential sector is expected to drive the market growth
Oil remains a primary source of energy for transportation, including cars, trucks, ships, and airplanes. The growing global population, urbanization, and increased industrial activity contribute to a rise in the number of vehicles and the overall demand for transportation fuels derived from oil, such as gasoline and diesel. Many industrial processes rely on oil and its by-products as energy sources and raw materials. Industries such as manufacturing, petrochemicals, and construction utilize oil-based products for various applications, including heating, power generation, and the production of plastics and chemicals. While there is a global push towards renewable energy sources, some regions still heavily depend on oil for electricity generation. Oil-fired power plants are used to meet peak demand and provide a reliable source of electricity, particularly in areas where other energy sources may be limited.
According to the Department for Energy Security and Net Zero (DESNZ ), data 2022, oil product demand grew by 9.2 per cent in 2022, with trends mixed by sector. The demand for oil in food and beverage industry increased by 11 per cent as more people ate out. In 2022, demand for oil by the commercial sector increased by 5.8 per cent compared with 2021. In 2022, total demand for petroleum products increased by 10 per cent on 2021 (total demand includes energy industry use and transformation). Much of this growth was from an increased demand in the transport sector, which was up 15 per cent on 2021, as demand for key road fuels increased and jet fuel demand doubled due to a year of no Covid-19 restrictions. The transport sector is the primary use for petroleum products in the UK, in 2022, accounting for almost three quarters of product demand. Oil consumption trends in 2022 were mixed across sectors, despite the 9.2 per cent increase in total oil product demand. In 2022 most minor sectors saw a decrease in oil consumption, but this was countered by a larger increase in demand in sectors such as energy use, including petroleum refineries, oil and gas extraction, and transport. For instance, according to the forecast of U.S. Energy Information Administration, data 2024, the crude oil production in the United States reaches 13.2 million barrels per day (b/d) in 2024 and more than 13.4 million b/d in 2025, both of which would be new records. Production growth continues over the next two years driven by increases in well efficiency. However, growth slows because of fewer active drilling rigs. Thus, this states that increasing production of crude oil will also result in the increased exploration and production activities driving the global oil exploration and production market growth. According to the, OPEC Monthly Oil Market Report February 2022, global oil demand in 2021 saw a strong recovery, increasing by 5.7 mb/d, supported by a solid economic rebound. Oil demand growth was led by the non-OECD region, which saw an increase of 3.1 mb/d y-o-y, with China and India contributing the bulk of additional oil requirements.
According to the International Energy Agency (IEA), almost half of global oil use is currently in road transport, but this is under increasing pressure from the rise of electric vehicles (EVs). The EV market has been growing exponentially in recent years, and nearly 20% of new cars being sold globally in 2023 are electric. In the APS, the share of electric car sales rises to nearly 45% in 2030 and 80% in 2050, reflecting electrification ambitions announced by governments, including a commitment by more than 40 governments to accelerate the transition to zero-emission cars and vans, as well as a major scale-up in EV manufacturing hubs around the world that encourages consumers to choose to buy a domestically manufactured EV over an internal combustion engine (ICE) car. Electric and hydrogen heavy truck sales grow from 1% today to just under 20% of total sales in 2030 and 60% in 2050.Thus, increased demand for oil in commercial sector across the globe is thereby, driving the need for oil exploration and production which is expected to drive the market growth during the forecast period.
Market Restraints for the Oil Exploration and Production Market
- Stringent environmental regulations associated with oil exploration and production industry restrains the market growth
The oil and gas industry is truly global, with operations conducted in every corner of the globe, from Alaska to Australia, from Peru to China, and in every habitat from Arctic to desert, from tropical rainforest to temperate woodland, from mangrove to offshore. The global community relies heavily on oil and gas supplies for the foreseeable future. The challenge is to meet world energy demands, whilst minimizing adverse impact on the environment by conforming to current good practice. The exploitation of oil and gas reserves has not always been without some ecological side effects. Oil spills, damaged land, accidents and fires, and incidents of air and water pollution have all been recorded at various times and places. The broad environmental issues faced by the oil and gas exploration and production industry are manifested at both local and global levels. They include: habitat protection and biodiversity, air emissions, marine and freshwater discharges, incidents and oil spills, and soil and groundwater contamination. Thus, through the Oil Industry International Exploration and Production Forum (E&P Forum), a common industry-wide Health, Safety and Environmental Management System (HSE-MS) has issued some regulations for oil exploration and production activities.
Impact of COVID-19 on Oil Exploration and Production Industry
The sudden outbreak of the Covid-19 pandemic has affected almost all the industries globally. Dramatic shifts in cultural behavior had serious consequences for numerous industries, particularly the businesses that make up the energy supply chain. This is simply because of the severe reduction in economic activities, operations, and supply chain disruption. The pandemic affected the affected prices, demand, supply, investment, and several other aspects of the energy sector, including the oil and gas industry.
In the oil and gas industry, it's important to consider the impact on upstream, midstream, and downstream segments, as well as supporting businesses like services, infrastructure, and shipping, to avoid overgeneralization. The impact varies based on the level of integration between the companies. The upstream sector has experienced significant revenue declines, which may not cover the operational costs of higher-cost companies. The investment in exploration and development was drastically cut, which had an impact on the production capacity in the long run; a recipe for oil price shock if demand rebounds rapidly. The short?term impact is a nearly 25% decrease in petroleum consumption and long?term impacts are a 30% to 40% decrease in the capital expenditure and R&D investments over the oil and gas market.
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Oil Exploration and Production Market Insights Video
Competitive Landscape of the Oil Exploration and Production Market
Exxon Mobil Corporation
The structure of the company is based on three businesses that connect along value chains that are focused on the market:
• Upstream
• Product Solutions
• Low Carbon Solutions
Energy Products, Chemical Products, and Specialty Products make up Product Solutions. As the company grows through technology deployment and commercialization, Low Carbon Solutions will remain part of Corporate and Financing. A single technology organization and other centralized service-delivery units, such as a global projects organization, serve the companies
Recent Developments:
April 2022
ExxonMobil makes three new discoveries offshore Guyana
ExxonMobil has raised its estimate of the recoverable resource for the Stabroek Block to over 11 billion oil-equivalent barrels and made three additional discoveries offshore Guyana.
September 2021
ExxonMobil announces discovery at Pinktail, offshore Guyana
ExxonMobil has found hydrocarbons at Pinktail, offshore of Guyana in the Stabroek Block. The Pinktail well found 220 feet (67 meters) of net pay in superior sandstone reservoirs that were hydrocarbon-bearing. Apart from the 75 feet (23 meters) of excellent, oil-bearing sandstone reservoir pay found in the original Turbot-1 discovery well, the Turbot-2 well discovered 43 feet (13 meters) of net pay in a newly discovered, high quality hydrocarbon bearing sandstone reservoir. The analysis of the Turbot discovery was also effective.
January 2020
ExxonMobil increases the number of recoverable resources in Guyana
ExxonMobil has discovered another oil find at the Uaru exploration well, northeast of the producing Liza field. This is the 16th discovery on the Stabroek Block, and it raises the projected recoverable resource base in Guyana to more than 8 billion oil-equivalent barrels.
Top Companies Market Share in Oil Exploration and Production Industry: (In no particular order of Rank)
- ExxonMobil
- Shell
- Saudi Aramco
- Chevron Corporation
- BP p.l.c.
- Others
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Region Analysis of the Oil Exploration and Production Market
North America held a market share of 26.31% in 2023 and is estimated to grow with a CAGR of 4.30% during the forecast period. For example, the US Energy Information Administration projects that crude oil output in the United States will reach 13.2 million barrels per day (b/d) in 2024 and more than 13.4 million b/d in 2025, setting new records. The production increase will continue over the next two years, aided by improvements in well efficiencies. In the January 2023 Short-Term Energy Outlook, they expected that crude oil output in the United States will average 12.4 million barrels per day (b/d) in 2023 and 12.8 million b/d in 2024, exceeding the previous high of 12.3 million b/d set in 2019. In 2022, U.S. crude oil production averaged an estimated 11.9 million b/d. Increased production in the Permian region and, to a lesser extent, in the Federal Offshore Gulf of Mexico (GOM) drives forecast growth in production. Dramatic increases in domestic oil and natural gas production enabled the United States to move from being an energy importer to being a net energy exporter, fueling the market growth.
For instance, the American Petroleum Institute reports that the United States is now one of the world's major producers of oil and natural gas as a result of its energy renaissance. This is due to the advancements in technologies for production. For instance, an oil production technique known as hydraulic fracturing, or fracking, is used to produce oil from shale and other tight geologic formations. This technology has enabled the United States to dramatically expand local oil output while reducing oil imports. So, the existence of large oil-producing countries, combined with technical improvements, is driving market expansion in North America. Furthermore, investments in research and technology over the last few decades have helped the United States to become a global leader in oil and natural gas production, resulting in significant benefits for Americans from all walks of life. The Office of Oil and Natural Gas at the United States Department of Energy (DOE) played an important role in partnering with industry, academia, state agencies, and non-governmental organizations to develop some of those technologies - and continued technological advances will lead to even better performance and more benefits in the future
The current report Scope analyzes Oil Exploration and Production Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
- North America (United States, Canada, Mexico)
- Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
- Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
- South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
- Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)
Oil Exploration and Production Market Share (%) by Region (2019-2031)
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North America Oil Exploration and Production Market
North America Oil Exploration and Production market Analysis
North America Oil Exploration and Production market size is $936.21 Million in 2024 and it is forecasted to reach $1,256.85 Million by 2031. North America Oil Exploration and Production Industry's Compound Annual Growth Rate will be 4.30% from 2024 to 2031.
North America held a market share of 26.31% in 2023 and is estimated to grow with a CAGR of 4.30% during the forecast period. For example, the US Energy Information Administration projects that crude oil output in the United States will reach 13.2 million barrels per day (b/d) in 2024 and more than 13.4 million b/d in 2025, setting new records. The production increase will continue over the next two years, aided by improvements in well efficiencies. In the January 2023 Short-Term Energy Outlook, they expected that crude oil output in the United States will average 12.4 million barrels per day (b/d) in 2023 and 12.8 million b/d in 2024, exceeding the previous high of 12.3 million b/d set in 2019. In 2022, U.S. crude oil production averaged an estimated 11.9 million b/d. Increased production in the Permian region and, to a lesser extent, in the Federal Offshore Gulf of Mexico (GOM) drives forecast growth in production. Dramatic increases in domestic oil and natural gas production enabled the United States to move from being an energy importer to being a net energy exporter, fueling the market growth.
For instance, the American Petroleum Institute reports that the United States is now one of the world's major producers of oil and natural gas as a result of its energy renaissance. This is due to the advancements in technologies for production. For instance, an oil production technique known as hydraulic fracturing, or fracking, is used to produce oil from shale and other tight geologic formations. This technology has enabled the United States to dramatically expand local oil output while reducing oil imports. So, the existence of large oil-producing countries, combined with technical improvements, is driving market expansion in North America. Furthermore, investments in research and technology over the last few decades have helped the United States to become a global leader in oil and natural gas production, resulting in significant benefits for Americans from all walks of life. The Office of Oil and Natural Gas at the United States Department of Energy (DOE) played an important role in partnering with industry, academia, state agencies, and non-governmental organizations to develop some of those technologies - and continued technological advances will lead to even better performance and more benefits in the future
Europe Oil Exploration and Production Market
Europe Oil Exploration and Production market Analysis
Europe Oil Exploration and Production market size is $575.93 Million in 2024 and it is forecasted to reach $808.51 Million by 2031.
Europe region accounts for revenue of USD 545.08 Billion in 2023 and is estimated to reach USD 808.51 Million in 2031, for the Oil Exploration and Production Market. The increasing consumption of crude oil and petroleum products is the primary driving force behind the industry in Europe. For example, according to Eurostat data, the consumption of most oil products grew in 2021 as COVID-19 limits were gradually loosened in the EU, with jet kerosene seeing a significant increase of 25.55%. In 2021, the vast majority of sectors recovered from 2020's consumption contraction. In some cases, the increase was significant, such as in the services sector (+11.4 pp) and the transport sector, the largest user of oil products (+9.4 pp overall for different types of transportation), and consumption in the industry sector also increased both for non-energy use (+6.3 pp) and energy use. (+2.7 pp).
Furthermore, government initiatives for oil exploration and production are driving market expansion in Europe. For example, industrialized European countries such as the United Kingdom, Denmark, Norway, and the Netherlands continue to explore and produce oil and gas. In Europe, 178 exploratory wells were drilled in 2018, up significantly from 169 in 2017 and 137 in 2016, compared to one well done in Ireland in 2019.
Asia Pacific Oil Exploration and Production Market
Asia Pacific Oil Exploration and Production market Analysis
Asia Pacific Oil Exploration and Production market size is $561.69 Million in 2024 and it is forecasted to reach $837.47 Million by 2031.Asia Pacific Oil Exploration and Production Industry's Compound Annual Growth Rate will be 5.87% from 2024 to 2031.
Asia Pacific accounts for the market share of 15.55% in 2023 and is estimated to grow with a CAGR of 5.87% during the forecast period for the oil exploration and production market. The growth of oil exploration and production activities in emerging markets of APAC like India, China, and others, and initiatives taken by the governments are majorly driving the market in this region. For instance, according to the Government of India Ministry of Petroleum and Natural Gas Economic & Statistics Division, Crude oil production during May 2022 was 2550.05 TMT, which is 2.44% higher than the target for the month and 4.60% higher than the production of May 2021. Cumulative crude oil production during April-May, 2022 was 5019.72 TMT, which is 2.86% and 1.79% higher than target for the period and production during the corresponding period of last year respectively.
Further, according to, the Ministry of Petroleum & Natural Gas, in India, In line with the Government’s objective to intensify hydrocarbon exploration and domestic oil and gas production in the country, Oil India Limited (OIL) has actively participated in Open Acreage Licensing Policy (OALP) and Discovered Small Fields (DSF) bidding rounds. So far, under seven completed OALP bid rounds, OIL (Oil India Ltd) has been awarded a total of 29 blocks, with 16 in Northeast India, 5 in Rajasthan, 5 in Odisha, 2 in the Andaman shallow offshore, and 1 in Kerala Konkan shallow offshore. OIL has been allocated three blocks for Exploration and Development (E&P) activities under the DSF regime, one each in the KG shallow offshore, Tripura, and Rajasthan basins.
South America Oil Exploration and Production Market
South America Oil Exploration and Production market
South America Oil Exploration and Production market size is $280.79 Million in 2024 and it is forecasted to reach $401.04 Million by 2031.
The oil exploration and production market in Latin America is primarily growing due to the increasing production of oil. This region accounted for a market share of 7.82% in 2023 and is estimated to reach 7.84% in 2031. Latin America is home to many large oil-producing countries, like Mexico, Brazil, and Argentina account for most of the oil production in the region. According to The International Trade Administration, U.S. Department of Commerce, in 2021 Brazil was the largest contributor to oil production in South America, the eighth largest global oil producer, the eighth largest oil consumer, and has the largest recoverable ultra-deep oil reserves in the world. In addition to the production, Brazil is placed in a leading position for the exploration and production of offshore oil due to owning the prolific pre-salt province, whose oil is of high quality, with equally high productivity of the fields. Further, Brazil´s 2021-2030 Energy Expansion Plan (PDE) forecasts that oil and gas exploration and production (E&P) investments will range from US$ 415 billion to US$ 454 billion during this period. The major petroleum and other liquid-producing countries other than Brazil in Latin America include Brazil, Mexico, Argentina, Colombia, Venezuela, Ecuador, Guyana, Peru, and others
Middle East and Africa Oil Exploration and Production Market
Middle East and Africa Oil Exploration and Production market
Middle East and Africa Oil Exploration and Production market size is $1,234.37 Million in 2024 and it is forecasted to reach $1, 812.71 Million by 2031.Middle East and Africa Oil Exploration and Production Industry's Compound Annual Growth Rate will be 5.64% from 2024 to 2031.
Aa Middle East and Africa hold the largest market share of 34.24% during 2023 and are estimated to grow with a CAGR of 5.64% during the forecast period. Middle Eastern countries, through their position in the Organization of Petroleum Exporting Countries (OPEC), were at the forefront of market transformation since they held the majority of proven crude oil reserves. Furthermore, technical advances in manufacturing and exploration are driving market expansion in this region. The deployment of new exploration and production technologies, such as three-dimensional and subsea completion methods, altered the scenario and significantly undermined OPEC's market position. According to OPEC (Organization of Petroleum Exporting Countries), OPEC Member Countries own 79.5% (1,243.52 billion barrels) of the world's proven oil reserves, with the Middle East accounting for 67.2% of the total. In addition, Countries in the Middle East, which possess 48.3% of the world’s oil reserves, play a vital role in global oil production. Saudi Arabia, Iraq, Kuwait, Iran, Oman, and the United Arab Emirates were among the major crude oil producers. So, the presence of major oil reserves countries, and technological advancements in production and explorations in MEA are boosting the market growth in this region.
Oil Exploration and Production Market Analysis
Global Oil Exploration and Production Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Oil Exploration and Production Industry growth. Oil Exploration and Production market has been segmented with the help of its Type, Application , and others. Oil Exploration and Production market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Oil Exploration and Production Market Analysis By Type
Natural Gas
In 2019, the Natural Gas revenue (USD Billion) was USD 802.74 Billion and it expected to reach at USD 1,080.14 Billion in 2031. The natural gas segment accounts for a share of 23.12% in 2023, due to rising demand for natural gas production. The dry gas production surged to 103.68 billion cubic feet in 2023, from a recorded rise of USD 99.60 billion cubic feet in 2022. (Source: US Energy Information Administration (EIA)). The rising production of natural gas boosts its usage in end-use sectors. Natural gas is extracted from subsurface rock formations through the process of drilling. Natural gas is formed with oil and non-associated reservoirs. Gas is available in either dry or pure methane form and wet form, which exists with other hydrocarbons. The advances in hydraulic fracturing technologies result in the production of natural gas in high volumes. The rise in production of natural gas boosts its growth in the market.
- Crude Oil
The crude oil segment accounts for a share of 76.88% in 2023 and is expected to grow at a CAGR of 5.53% during the forecast period, due to a surge in the production of crude oil. The US crude oil production is rising by 8,50,000 barrels per day to record USD 12.76 Million barrels per day. (Source: Energy Information Administration). Crude oil is extracted by the offshore and onshore drilling process, its extraction depends on the type of location by performing the geological surveys. Crude oil is a mixture of hydrocarbons that exists in a liquid phase in natural underground reservoirs. This crude oil is extracted using drilling operations through offshore or shallow water operations, and onshore operations. Technological advancements such as 3D seismic imaging, AI, and robotic technology during crude oil production, increase its demand in the market. In January 2024, the Saudi Aramco Group focuses on the expansion of its crude oil production capacity to USD 13 Million barrels per day by 2027, from the crude oil production capacity of USD 12 billion barrels per day in 2024. The rising investment in technologies, and expansion of crude oil production capacity, boosts its growth in the market.
Oil Exploration and Production Market Share (%) by Type in 2019-2031
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Oil Exploration and Production Market Analysis by Application
Onshore
Based on the application, the Onshore segment accounts for a share of 72.56% in 2023 and is expected to grow at a CAGR of 5.06% during the forecast period, due to rising demand for onshore oil exploration and production across the globe. According to the US Energy Information Administration, in 2022, the demand for onshore drilling rigs is high, around 166 natural gas rigs operate in the US. The high demand for onshore rigs boosts the usage of onshore drilling activities at exploration and production sites. The onshore consists of exploration and production of crude oil through land. In onshore extraction of crude oil and geothermal energy requires drilling into underground deposits. The onshore drilling process is a cost-effective process for the extraction of crude oil. There are different types of onshore crude oil extraction such as conventional onshore oil extraction, in which extraction depends in the degree of difficulty. Whereas, unconventional onshore oil extraction involves extraction from deposits such as oil sands, or oil shale. Onshore drilling uses a long wellbore, which is drilled through layers of rock and sediment. Thus, the rising
usage of onshore rigs at oil exploration and production sites boosts the growth of onshore exploration and production
Shallow Water
Based on application, the shallow water segment accounts for a share of 27.44% in 2023, and is expected to grow at a CAGR of 5.54% due to rising investment by the manufacturer in offshore shallow water drilling operations. In December 2023, Shell invested USD 5 billion for the process extraction of oil from the water surface in Nigeria. The rising investment by the companies in shallow water production boosts its demand in the market. The shallow water drilling process of oil is convenient and prevents damage during the drilling and extraction of oil. The shallow water oil drilling commonly uses shallow water wells for oil extraction. The company invested its resources in the development of new construction used in shallow water drilling operations. In September 2023, Petrobras received the OTC Brazil Distinguished Achievement award for the development of modern dynamic positioning system rigs in shallow water wells, which reduces the cost and emission by 99%. Petrobras offers its first shallow water BOP anchorage, which increases the demand for shallow water oil production in the market.
Oil Exploration and Production Market Share (%) by Application in 2019-2031
2019
2023
2031
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Author's Detail
David FullerSenior Analyst at Cognitive Market Research
I am working as a Senior Analyst with Cognitive Market Research in the areas of Industry Survey and Market Research/Analytics. I collaborate with CXOs, VPs, and other senior executives to understand their data needs and provide solutions and business strategy building.
I am working as a Senior Analyst with Cognitive Market Research in the areas of Industry Survey and Market Research/Analytics. I collaborate with CXOs, VPs, and other senior executives to understand their data needs and provide solutions and business strategy building. I fulfill data requirements with thorough research and analytics. ME and My research team provide intelligence on industry stats, market structure, company profiles/Competition Analysis, Forecast Mapping, and Recently started providing the COVID-19 Impact Analysis.
Specialties: Industry research, Company analysis, Location Strategy, Tech Research, Change Management, Process Improvement, Peer Group Benchmarking, Startup Ecosystem, Crypto Research, COVID19 Impact Analysis, etc.
Author's Conclusion
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Oil Exploration and Production Market is witnessing significant growth in the near future.
In 2023, the Natural Gas segment accounted for noticeable share of global Oil Exploration and Production Market and is projected to experience significant growth in the near future.
The Onshore segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies ExxonMobil , Saudi Aramco and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Frequently Asked Questions
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Latest News about Oil Exploration and Production Market
Sources from Manufacturing & Construction Industry
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https://www.epa.gov/regulatory-information-sector/construction-sector-naics-23
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https://www.usace.army.mil/Missions/Civil-Works/Engineering-and-Construction/
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https://www.abs.gov.au/statistics/industry/building-and-construction
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https://business.gov.au/planning/industry-information/construction-industry
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https://www.usitc.gov/research_and_analysis/tradeshifts/2021/footwear
Oil Exploration and Production Market Report Table of Content
Disclaimer:
- This is just a redacted sample pages of the actual deliverable report and only for representative purposes
- Charts/Graphs/Numbers/data are only for Representative purposes and do not depict actual statistics.
- The table of Contents differs according to the user License selection. Current Displayed TOC is for the Corporate User License Report Edition. TOC Customization options: Add or Remove section/s Or chapter/s from the report.
- Specific Tables, Graphs, Sections, and Chapters can be ordered at a discounted price.
- If applicable; On Request Volume Data will also be provided (at an Additional Cost).
| Type | Natural Gas, Crude Oil |
| Application | Onshore, Shallow Water |
| List of Competitors | ExxonMobil, Shell, Saudi Aramco, Chevron Corporation, BP p.l.c., Others |
This chapter will help you gain GLOBAL Market Analysis of Oil Exploration and Production. Further deep in this chapter, you will be able to review Global Oil Exploration and Production Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
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1.1 Global Oil Exploration and Production Market Size, Trend Analysis 2019 - 2031
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1.2 Global Oil Exploration and Production Market Size By Regions 2019 - 2031
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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1.2.1 Global Oil Exploration and Production Revenue Market Size By Region
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1.3 Global Oil Exploration and Production Market Size By Type 2019 -2031
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1.3.1 Natural Gas Market Size
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1.3.2 Crude Oil Market Size
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1.4 Global Oil Exploration and Production Market Size By Application 2019 -2031
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1.4.1 Onshore Market Size
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1.4.2 Shallow Water Market Size
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1.5 Global Level Competitor Analysis (Subject to Data Availability (Private Players))
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1.6 Executive Summary Global Market (2019 vs 2024 vs 2031)
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
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1.6.1 Regional Market Revenue Summary 2019 vs 2024 vs 2031
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1.6.2 Global Market Revenue Split By Type
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1.6.3 Global Market Revenue Split By Application
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1.6.4 Global Market Dynamics, Trends, Drivers, Restraints, Opportunities
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
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Chapter 2 North America Market Analysis
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2.1 North America Oil Exploration and Production Market Size 2019 - 2031
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2.1.1 North America Oil Exploration and Production Market Size By Country 2019 - 2031
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2.1.2 North America Oil Exploration and Production Market Size by Type 2019 -2031
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2.1.2.1 North America Natural Gas Market Size
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2.1.2.2 North America Crude Oil Market Size
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2.1.3 North America Oil Exploration and Production Market Size by Application 2019 -2031
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2.1.3.1 North America Onshore Market Size
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2.1.3.2 North America Shallow Water Market Size
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Chapter 3 Europe Market Analysis
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3.1 Europe Oil Exploration and Production Market Size 2019 - 2031
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3.1.1 Europe Oil Exploration and Production Market Size By Country 2019 - 2031
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3.1.2 Europe Oil Exploration and Production Market Size by Type 2019 -2031
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3.1.2.1 Europe Natural Gas Market Size
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3.1.2.2 Europe Crude Oil Market Size
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3.1.3 Europe Oil Exploration and Production Market Size by Application 2019 -2031
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3.1.3.1 Europe Onshore Market Size
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3.1.3.2 Europe Shallow Water Market Size
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Chapter 4 Asia Pacific Market Analysis
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4.1 Asia Pacific Oil Exploration and Production Market Size 2019 - 2031
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4.1.1 Asia Pacific Oil Exploration and Production Market Size By Country 2019 - 2031
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4.1.2 Asia Pacific Oil Exploration and Production Market Size by Type 2019 -2031
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4.1.2.1 Asia Pacific Natural Gas Market Size
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4.1.2.2 Asia Pacific Crude Oil Market Size
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4.1.3 Asia Pacific Oil Exploration and Production Market Size by Application 2019 -2031
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4.1.3.1 Asia Pacific Onshore Market Size
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4.1.3.2 Asia Pacific Shallow Water Market Size
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Chapter 5 South America Market Analysis
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5.1 South America Oil Exploration and Production Market Size 2019 - 2031
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5.1.1 South America Oil Exploration and Production Market Size By Country 2019 - 2031
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5.1.2 South America Oil Exploration and Production Market Size by Type 2019 -2031
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5.1.2.1 South America Natural Gas Market Size
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5.1.2.2 South America Crude Oil Market Size
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5.1.3 South America Oil Exploration and Production Market Size by Application 2019 -2031
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5.1.3.1 South America Onshore Market Size
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5.1.3.2 South America Shallow Water Market Size
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Chapter 6 Middle East and Africa Market Analysis
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6.1 Middle East and Africa Oil Exploration and Production Market Size 2019 - 2031
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6.1.1 Middle East and Africa Oil Exploration and Production Market Size By Country 2019 - 2031
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6.1.2 Middle East and Africa Oil Exploration and Production Market Size by Type 2019 -2031
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6.1.2.1 Middle East and Africa Natural Gas Market Size
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6.1.2.2 Middle East and Africa Crude Oil Market Size
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6.1.3 Middle East and Africa Oil Exploration and Production Market Size by Application 2019 -2031
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6.1.3.1 middle_east_and_africa_title} Onshore Market Size
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6.1.3.2 middle_east_and_africa_title} Shallow Water Market Size
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Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
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7.1 Country 1 Market Analysis
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7.1.1 Country 1Oil Exploration and Production Market Size by Type 2019 -2031
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7.1.2 Country 1Oil Exploration and Production Market Size by Application 2019 -2031
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7.2 Country 2 Market Analysis
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7.2.1 Segmentation Analysis will be provided as shown for Country 1
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7.3 Country 3 Market Analysis
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7.3.1 Segmentation Analysis will be provided as shown for Country 1
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7.4 Country 4 Market Analysis
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7.4.1 Segmentation Analysis will be provided as shown for Country 1
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7.5 Country 5 Market Analysis
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7.5.1 Segmentation Analysis will be provided as shown for Country 1
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7.6 Country 6 Market Analysis
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7.6.1 Segmentation Analysis will be provided as shown for Country 1
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7.7 Country 7 Market Analysis
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7.7.1 Segmentation Analysis will be provided as shown for Country 1
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7.8 Country 8 Market Analysis
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7.8.1 Segmentation Analysis will be provided as shown for Country 1
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7.9 Country 9 Market Analysis
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7.9.1 Segmentation Analysis will be provided as shown for Country 1
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7.10 Country 10 Market Analysis
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7.10.1 Segmentation Analysis will be provided as shown for Country 1
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Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
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8.1 Top Competitors Analysis
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8.1.1 Top Players Ranking 2022
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8.1.2 Global Oil Exploration and Production Market Revenue and Share by Manufacturers (2019-2023)
(Subject to Data Availability (Private Players))
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8.1.3 Industry Mergers and Acquisition Analysis
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8.1.4 New Product Launch Analysis
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8.2 Company Profile (Data Subject to Availability)
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8.2.1 ExxonMobil
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
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8.2.1.1 Company Basic Information, Manufacturing Base, Sales Area, and Competitors
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8.2.1.2 Business Overview
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8.2.1.3 Financials (Subject to data availability)
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8.2.1.4 Product Types Specification
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8.2.1.5 Business Strategy
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8.2.1.6 S.W.O.TAnalysis
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8.2.2 Shell
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
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8.2.2.1 Company Basic Information, Manufacturing Base, Sales Area, and Competitors
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8.2.2.2 Business Overview
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8.2.2.3 Financials (Subject to data availability)
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8.2.2.4 Product Types Specification
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8.2.2.5 Business Strategy
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8.2.2.6 S.W.O.TAnalysis
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8.2.3 Saudi Aramco
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
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8.2.3.1 Company Basic Information, Manufacturing Base, Sales Area, and Competitors
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8.2.3.2 Business Overview
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8.2.3.3 Financials (Subject to data availability)
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8.2.3.4 Product Types Specification
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8.2.3.5 Business Strategy
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8.2.3.6 S.W.O.TAnalysis
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8.2.4 Chevron Corporation
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
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8.2.4.1 Company Basic Information, Manufacturing Base, Sales Area, and Competitors
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8.2.4.2 Business Overview
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8.2.4.3 Financials (Subject to data availability)
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8.2.4.4 Product Types Specification
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8.2.4.5 Business Strategy
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8.2.4.6 S.W.O.TAnalysis
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8.2.5 BP p.l.c.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
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8.2.5.1 Company Basic Information, Manufacturing Base, Sales Area, and Competitors
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8.2.5.2 Business Overview
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8.2.5.3 Financials (Subject to data availability)
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8.2.5.4 Product Types Specification
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8.2.5.5 Business Strategy
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8.2.5.6 S.W.O.TAnalysis
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8.2.6 Others
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
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8.2.6.1 Company Basic Information, Manufacturing Base, Sales Area, and Competitors
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8.2.6.2 Business Overview
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8.2.6.3 Financials (Subject to data availability)
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8.2.6.4 Product Types Specification
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8.2.6.5 Business Strategy
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8.2.6.6 S.W.O.TAnalysis
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Chapter 9 Qualitative Analysis (Subject to Data Availability)
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9.1 Market Drivers
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9.2 Market Trends
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9.3 Market Restraints
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9.4 Market Opportunity
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9.5 Product Life Cycle (Subject to Data Availability)
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9.6 Industrial Chain Analysis (Subject to Data Availability)
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9.6.1 Industry Chain Analysis
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9.6.2 Manufacturing Cost Analysis
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9.6.3 Consumer Preference Analysis
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9.6.4 Supply Side Analysis
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9.6.4.1 Raw Material Analysis
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9.6.4.2 Raw Material Procurement Analysis
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9.6.4.3 Raw Material Price Trend Analysis
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9.7 Market Attractiveness Analysis
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9.8 PESTEL Analysis
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9.9 Porter’s Five Forces Analysis
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9.10 Patent Analysis (Subject to Data Availability)
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9.11 ESG Analysis
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9.12 Technological Road Map
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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10.1 Natural Gas
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10.1.1 Global Oil Exploration and Production Revenue Market Size and Share by Natural Gas 2019 -2031
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10.2 Crude Oil
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10.2.1 Global Oil Exploration and Production Revenue Market Size and Share by Crude Oil 2019 -2031
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The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2019 -2031
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11.1 Onshore
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11.1.1 Global Oil Exploration and Production Revenue Market Size and Share by Onshore 2019 - 2031
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11.2 Shallow Water
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11.2.1 Global Oil Exploration and Production Revenue Market Size and Share by Shallow Water 2019 - 2031
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This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Oil Exploration and Production market
Chapter 12 Research Findings
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12.1 Key Takeaways
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12.2 Analyst Point of View
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
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12.3 Assumptions and Acronyms
Sample Format of Deliverables
The Tables, Graphs/Charts are only for representative purposes and do not depict actual statistics. Purchase full Report access to actual data.
Qualitative Analysis
Research Methodology Implemented by David Fuller and Team
- 1.1 Oil Exploration and Production Market Report 2024 Research Methodology
- 1.2 Systematic Research Approach
- 1.2.1 Primary Research for Oil Exploration and Production Market
- 1.2.1.1 Key Data from Primary
- 1.2.1.2 Primary Interviews with Experts
- 1.2.1.3 Key Industry Insights
- 1.2.1.4 Questionnaire for Oil Exploration and Production Market
- 1.2.1.5 Breakdown of Primaries
- 1.2.2 Secondary Research for Oil Exploration and Production Market
- 1.2.2.1 Key Data from Secondary
- 1.2.2.2 Paid Sources
- 1.2.2.3 Public Sources
- 1.3 Market Size Estimation for Oil Exploration and Production Market
- 1.3.1 Top-Down Approach
- 1.3.1.1 Analyzing Market Size by Top-Down Approach (Supply Side)
- 1.3.2 Bottom-UP Approach
- 1.3.2.1 Analyzing Market Size by Bottom-Up Approach (Demand Side)
- 1.3.1 Top-Down Approach
- 1.4 Market Breakdown and Data Triangulation
- 1.5 Research Assumptions for Oil Exploration and Production Market
Key Questions Answered By Oil Exploration and Production Market Report 2024
| Why Natural Gas have a significant impact on Oil Exploration and Production market? |
| What are the key factors affecting the Natural Gas and Crude Oil of Oil Exploration and Production Market? |
| What is the CAGR/Growth Rate of Onshore during the forecast period? |
| By type, which segment accounted for largest share of the global Oil Exploration and Production Market? |
| Which region is expected to dominate the global Oil Exploration and Production Market within the forecast period? |
| Segmentation Level Customization |
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| Global level Data Customization |
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| Region level Data Customization |
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| Country level Data Customization |
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| Company Level |
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| Additional Data Analysis |
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| Additional Qualitative Data |
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| Additional Quantitative Data |
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| Service Level Customization |
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Report Format Alteration |
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