Offshore drilling rigs market is expected to expand at USD 147.7 Billion and 6.63?GR during the forecast period.
Offshore drilling rigs industry is expected to have a huge number of advancements over the forecast period owing to continuous developments in end-use industry coupled with growing demand for exploration and production expenditure in oil industry. The market is also expected to have high expansion activities by multinationals and well-established companies.
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Major Key Players:
The major player operating in the market of offshore drilling rigs are
Weatherford International Inc (U.S.)
and Aban Offshore Limited (India). China Oilfield Services Ltd. (China)
Ensco plc (UK)
Diamond Offshore Drilling Inc. (U.S.)
Vantage Drilling Co. (U.S.)
Pacific Drilling (U.S.)
KCA Deutag (UK)
Maersk Drilling (Denmark)
and Nabors Industries Ltd (Bermuda)
Nobel Corporation (U.K.) are among others.
The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.
Latin America is the leading region, owing to the high potential offshore oil and gas reserves. In addition, factors such as high exploration & production (E&P) investment are leading to increased demand for drilling equipment and offshore rigs. The rise in oil & gas output in North America and the Middle East has forced operators to concentrate on offshore markets. Second, Mexican oil & gas industry liberalization is boosting demand for offshore drilling.
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Asia Pacific is one of the leading Offshore drilling rigs industry development areas. In the forecast period the rising demand for energy coupled with the increasing investment in offshore exploration activities will drive the market. Asia Pacific ranks among the highest oil & gas users. Increasing demand would contribute to greater regional exploration and development.
Demand for energy fuels is rising per year owing to increasing industrialization, concerns related to energy security, globalization, and increasing economic wealth of developing countries. Offshore drilling rigs are seeking advantage from alarming oil and gas reservoir depletion, new offshore discoveries, and strict regulations to drill in the populated areas on land. Drilling rigs are the most fundamental requirement of starting production from new oil wells. Offshore regions hold large oil and gas reserves at even deep water and ultra-deep water locations. Oil companies are shifting to offshore drilling as the amount of oil produced per day from offshore is significantly higher than from onshore. Besides the lifespan of offshore oilfields are longer than that of onshore fields. For instance, Santos Basin in Latin America accounts for around 35% of Brazil’s total oil.
Regional Market Analysis
6.2 North America
6.3.5 Rest Of Europe
6.4.4 Rest Of Asia-Pacific
6.5 Rest Of The World
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Offshore drilling vessels are accustomed to offer excavation and construction operations. Besides, the drilling process done by offshore drilling rigs is capable of reaching the oil trapped at deepest and farthest offshore locations. Offshore drilling rigs are robust and are capable of withstanding in the harshest temperature and environmental conditions. The current projects in offshore drilling are gaining attention from the oil industry. Libra Field in Brazil Santos Basin holds around 8-12 billion barrels of recoverable oil. Thus major giants such as Petrobras, Shell, Total, CNPC, and CNOOC are holding stakes in the oilfield. The estimated project cost is around USD 91 billion. Offshore drilling rigs market is driven by many factors including, increase in offshore discoveries, increasing demand for oil and gas, and strict regulations against onshore drilling projects. Noted increasing offshore oil discoveries in Caspian Sea, North Sea, Bahrain are definitely demanding strong offshore drilling rigs that can work efficiently at a depth of 3000 km. Every year the offshore rig count is increasing, which indicates the growth of offshore drilling rigs count. By end of 2019, total offshore drilling rig count went up to 822. The greatest offshore gas discovery in Coral fields in offshore Mozambique holds up to 450 bcm of gas reserves, in which drilling operations are speeding up, to start production latest by 2026.
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