Oil & Gas industry is segmented into three sectors: upstream, midstream and downstream. Upstream sector includes exploration & production, wherein firms explore & discover new hydrocarbon fields (underwater & underground oil and natural gas fields present both offshore and onshore), and drill wells to extract crude oil & natural gas. Midstream sector deals with transportation of oil & natural gas via shipping, pipelines and LNG terminals. Downstream includes refinery process of converting crude oil to different products such as petrol, diesel, etc.
Declining oil price is negatively impacting the industry, which led to cut down of upstream expenditures, resulting in delay of many exploration and production projects. Moreover, oil and gas equipment manufacturing companies are negatively impacted as they are under pressure to cut down their costs. However, midstream and downstream projects are constantly growing as companies are investing for the long term.
Advent of electric cars and various initiatives being taken by the governments to encourage development of alternative energy sources, in order to reduce greenhouse gas emissions, are going to undermine the growth of oil & gas industry in long to medium term.
On the technology front, it is crucial for oil & gas companies to invest on advanced technologies to remain innovative, minimize cost and greenhouse gas emissions. The oil and gas companies are deploying remote monitoring solutions and investing on digitization to automate coordination between onshore and offshore operations.
Reports published on ASDReport.com can meet most of your market research related requirements on oil and gas sector. The reports cover competitive landscape, technology and other topics related to oil and gas industry like, oil and gas pipeline leak detection, intelligent flow meter, thermal enhanced oil recovery, gas equipment market, smart oilfield, oil and gas exploration, oil storage, and much more.