Asia Pacific Upstream Oil & Gas Services Market Estimated to Exhibit 4.0% CAGR through 2021
According to the latest market report published by Future Market Insights titled ‘Upstream Oil & Gas Services Market: APAC Industry Analysis and Opportunity Assessment, 2016-2021’, the long-term outlook on the APAC Upstream Oil & Gas Services market remains positive which is expected to increase at a CAGR of 9.3% during the forecast period (2016-2021). The APAC Upstream Oil & Gas Services market is estimated to have been valued at around US$ 2.5 Bn in 2016.
The Upstream process involves various stages, such as searching for underwater and underground oil and gas fields, drilling of wells and subsequently operating these wells, etc. The Upstream oil & gas services segment comprises services involved in the upstream process, such as maintenance and operation of drilling equipment, sampling of fluids and decommissioning involved in various stages within upstream processes.
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The APAC Upstream Oil & Gas Services market report has been analysed on the basis of various service types, such as IRM (Inspection, Repair and Maintenance), Well Simulation, Sampling (analysis of reservoir fluid samples), Decommissioning, ROV Drill Support and SURF Support type of upstream oil & gas services. The countries considered under this APAC Upstream Oil & Gas Services market analysis are: Australia, New Zealand, Indonesia and Myanmar respectively.
The APAC Upstream Oil & Gas Services Market is a high value –high growth market and this trend is expected to continue during the forecast period. The APAC Upstream Oil & Gas Services Market has flourished owing to increase in oil & gas exploration sites and increase in crude oil & gas production in many countries, particularly Australia, which is a prominent country and has abundant reserves of coal, crude oil and natural gas. The country is a net exporter of natural gas and has the largest reserves of natural gas in Asia Pacific and is ranked as one of top three net exporters of hydrocarbons in the world. The country’s political and economic scenario is favourable to the growth of Upstream Oil & Gas Services Market, primarily due to regulation and liberalization of trade of oil & gas reserves to overseas markets. Overall services accounted for 67.4% of the overall economy of Australia, while the oil & gas industry accounted for 28.9% of the economy in 2015, in which the Upstream Oil & Gas Services is said to have been a major contributor to the growth.
By Upstream oil & gas services type, the IRM Upstream Oil & Gas Services type is estimated to be a high value market owing to the significant costs associated with capital equipment, technical-know-how and skilled labour. However, at times, the Upstream Oil & Gas services has to be outsourced to foreign countries. The SURF support type of Upstream Oil & Gas Services is however expected to emerge as a high growth segment owing to high offshore base in the region.
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APAC Upstream Oil & Gas Services Market Participants
Some of the market participants identified across the value chain of the APAC Upstream Oil & Gas Services market are Chevron Corporation, BP PLC, Eni S.p.A, Origin Energy Ltd., Murphy Oil Corporation, BHP Biliton Limited, INPEX Corporation, Quadrant Energy Australia Limited, Woodside Petroleum Limited and Royal Dutch Shell PLC. The APAC Upstream Oil & Gas Services market is a highly consolidated market consisting of tier-1 global scale Upstream Oil & Gas Service providers. For a few companies, Upstream Oil & Gas Services are taken care by regional subsidiaries in the region. For e.g. Eni S.p.A. operates through its subsidiaries, such as Eni Adfin, Ecofuel SpA, Eni SpA Fuel Centrosud, Eni Corporate University and Eni International Resources in Indonesia and Myanmar. The Upstream Oil & Gas services companies have been focusing on greenfield projects which will offer lead to higher profit margins in addition of existing oil and gas reserves.