Offshore Oil Market and the Global Offshore Gas Market to grow at a CAGR of 2.7% and 1.9% By 2019: Market Research Store

Deerfield Beach, FL -- (SBWire) -- 09/17/2015 --Offshore oil and gas production refers to the oil and gas extraction process that takes place mostly in the seabed and oceans. Oil and gas are extracted from the wells and transferred through ships and pipelines to refineries. Global Offshore Oil Market and the Global Offshore Gas Market to grow at a CAGR of 2.7% and 1.9%, respectively, over the period 2014-2019. With the increased depletion of onshore oil and gas resources, offshore resources experienced a greater demand in the supply of oil and gas.

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The growing interest in the offshore resources is explained by the fact that over the last 20 years, the number of large offshore discoveries has been greater than the onshore oil and gas explorations. The Global Offshore Oil and Gas market is segmented into two types based on the type of drilling activity: Shallow Water Drilling and Deep Water Drilling. The offshore drilling activity that takes place in a range of 0-650 feet comes under shallow water drilling, and drilling activity beyond 650 feet is categorized as deep water drilling.

Covered in this Report

The report covers the present scenario and the growth prospects of the Global Offshore Oil and Gas market for the period 2015-2019.

Global Offshore Oil and Gas Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Global Offshore Oil and Gas market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.

Commenting on the report, an our analyst said: "One major trend being witnessed in this market are the rapid advances in technology in the market. Market players invest huge amounts of funding to improve offshore oil and gas exploration technology. These advances in technology include unlocking the potential of offshore oil and gas, the development and determination of reserves, well log interpretation, and the development of well-simulation models."

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According to the report, one of the main drivers in this market is the exhaustion of onshore oil reserves. In recent years, depleting onshore oil reserves have resulted in a shift from onshore to offshore reserves such as deep-water and ultra-deep-water reserves to increase oil and gas production.

Further, the report states that one of the major challenges confronting the market is the growing environmental concerns relating to offshore drilling. Offshore drilling activities could increase the chances of oil spills and leakages, which could have a disastrous impact on the marine ecosystem.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

Key Vendors

BP
Chevron
ExxonMobil
Royal Dutch Shell
Total

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Other Prominent Vendors

ConocoPhillips
Eni
Petrobras
Statoil

Market Driver

Exhausting Onshore Oil Reserves
For a full, detailed list, view our report