Global Oilfield Crown Block Market 2019-2023
About this market
The increase in onshore and offshore oil and gas drilling projects, aswell as deepwater and ultra-deepwater Billing activities following the increase in global crude oil prices, has encouraged oil and gas companies to invest more in oil and gas projects. The increase in investments by these companies is attributed to the higher levels of profits that they can earn when global crude oil prices are high. The increase in drilling activities, in turn, leads to a rise in the demand for oil and gas drilling rigs. This, in turn, increases the demand for rig components and equipment. Technavio’s analysts have predicted that the oilfield crown block market will register a CAGR of almost 6% by 2023.
Rise in unconventional drilling activities
Shale is a low-permeability sedimentary rock formation, which contains trapped oil and gas inside. Shale rocks are a good source of where the structure of the rocks ensures that the oil or gas is not lost through any cracks. Harness oil and gas from shale involves the use of horizontal drilling and hydraulic fracturing.
Volatility in global crude oil price
Fluctuations in crude oil prices have an immediate effect on the performance and profitability of upstream oil and gas players. Thus, E&P projects are executed only when the revenue generated is high enough for the oil and gas companies to make sufficient profits. Therefore, any uncertainty in global crude oil prices is reflected in the form of lower investments in E&P projects and will have a negative impact.
For the detailed list of factors that will drive and challenge the growth of the oilfield crown block market during the 2019-2023, view our report.
The market appears to be fairly fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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