Oil & Gas Exploration Market Research Reports

Oil & gas exploration industry refers to discovery of hydrocarbon deposits under the earth’s surface by geologists and geophysicists. The explored hydrocarbons are used to derive refined products such as petrol, diesel, butane, ethane and LPG. Overall oil & gas industry is divided into three major sectors including upstream, midstream, and downstream, where oil & gas exploration is part of upstream. Hydrocarbons such as oil and gas are detected by sophisticated technologies involving magnetic survey, gravity survey and passive seismic or regional seismic reflection surveys. After detection of hydrocarbons oil companies drill wells to extract oil and gas.

Industry shifting towards unconventional drilling of challenging offshore and shale gas fields

Demand for oil and gas has skyrocketed over the years and the industry is witnessing depletion of existing onshore reservoirs which are easier to drill. Consequently, there is a shift towards drilling of offshore fields which are difficult to drill conventionally because of their horizontal placement. Directional drilling technique is used for drilling these non-vertical wells and the market for directional drilling is expected to grow because of growing trend for shale gas and offshore exploration.

Market Challenges

Oil and gas exploration industry is facing number of challenges such as declining oil prices, increasing oil supply and demand gap, and rising competition. Additionally, the industry is also facing threat from depleting fossil fuel reserves and transition of energy market towards renewable energy sources because of increasing global concerns pertaining to rising greenhouse gas emissions.