Deep-water and Ultra-deep Water Exploration and Production Market worth US$ 84 billion 2019 with a CAGR of 10.8%

Published Date: March 2024

The growing population and industrial developments are increasing the global demand for energy. Thus, governments of various countries are taking initiatives to improve energy security by increasing oil and gas production. Moreover, deep-water and ultra-deep-water oil and gas projects have been increasing over the past few years owing to rising investments in deep-water and ultra-deep-water drilling. A majority of the incidents and fatal accidents on the rig floor happen due to the manual handling of rig equipment. This is pushing oil and gas operators and regulators to enhance oilfield safety by adopting new technologies which meet the safety requirements in deep-water and ultra-deep-water oil and gas operations. Improved viability of deep-water and ultra-deep-water projects and tightening supply-demand gap are expected to drive the market during the forecast period.

The report “Deep-water and Ultra-deep Water Exploration and Production Market, By Water Depth (Deep Water, and Ultra Deep Water), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030. Deep-water and Ultra-deep water exploration and Production Market accounted for US$ 84 billion in 2019 with a CAGR of 10.8%.

Key Highlights:

  • In January 2020, Royal Dutch Shell: 6% Dividend with a Steadily Growing Renewable Energy Portfolio.

Key Market Insights from the report:        

The deep-water and ultra-deep water exploration and production market accounted for US$ 84 billion in 2019 and is projected to register a moderate CAGR of 10.8% over the forecast period. The market report has been segmented on the basis of depth water and region.

  • Based on water depth, deep water is projected to dominate the market during the over forecast period. The constant and ever increasing demand for fossil fuels and in particular oil and gas has pushed exploration and production industry to drill in deep waters with depths ranging from 1000 to 5000 feet. Furthermore, with the improvement in oil prices, several deep-water projects have become viable to operate and have resulted in an increased investment for deep water exploration and production activities.
  • Based on region, Middle East & Africa has accounted for the largest share in the market in 2018 and is expected to continue its dominance during the forecast period. The Angolan offshore is among the most prospective plays in Africa, and continues to draw high levels of investment. Drilling results are broadly positive, with exploration yielding a number of high-impact discoveries in recent years.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Deep-water and Ultra-deep water exploration and Production Market, By Water Depth (Deep Water, and Ultra Deep Water), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030

The prominent player operating in the deep-water and ultra-deep water exploration and production market includes ExxonMobil Corp., Royal Dutch Shell PLC, China National Offshore Oil Corporation, Chevron Corp., BP PLC, Transocean Ltd, Schlumberger Ltd, Halliburton Co., Baker Hughes a GE Co., and Weatherford International PLC

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