Oil & Gas

OIL & GAS Market Research Reports Industry Growth Insight, SWOT analysis, Industry CAGR| Western Market Research

Oil and gas are major industries within the energy market and play an influential role within the global economy because of the world's primary fuel sources. The processes and systems involved in producing and distributing oil and gas are highly complex, capital-intensive, and need state-of-the-art technology.

What are the sectors of the oil and gas industry?

The oil & gas industry is into three segments: upstream, midstream, and downstream.

1. Upstream, production and exploration companies, find reservoirs and drill oil and gas wells.
2. Midstream companies are liable for transportation from the wells to refineries.
3. Downstream companies are liable for refining and therefore the sale of the finished products.

What is the future of the oil and gas industry?
Oil demand is predicted to rise by a mean of 1.4 p% per annum, and to form up around 36.5% of the planet's energy mix by 2030. The share of gas, on the opposite hand, is predicted to climb to over 27% cent by 2030, up from over 23 percent at the instant.

Oil and gas industry key drivers
1. Increasing Exploration of Unconventional Gas Resources. The depleting conventional gas sources have resulted in a shift from conventional gas to unconventional sources
2. Rapid Technological Advancement