Irving, Texas (PRWEB) September 26, 2012
Population growth, urbanization, rising living standards, and expanding economies globally are anticipated to drive the oil and gas exploration and production industry worldwide. The industry, which experienced robust growth during the last five years, is expected to continue its growth momentum to reach approximately US $5,349 billion in 2017 with a CAGR of 7.5% over the next five years (2012-2017).
Lucintel, a leading global management consulting and market research firm, has analyzed the global oil and gas exploration and production industry and presents its findings in “Global Oil and Gas Exploration and Production Industry 2012-2017: Trend, Profit and Forecast Analysis.”
The Asia Pacific (APAC) region, followed by Rest of the World (ROW), witnessed the highest growth during 2006-2011 due to increasing investment in industry and advancements in technology used in exploration efforts. Despite the abatement in production of crude oil, APAC witnessed growth due to high price. The emerging economies of APAC and the Middle East regions are expected to lead the oil and gas exploration and production industry over the forecast period due to development and increasing infrastructural investment for crude oil exploration and production.
Lucintel’s market research indicates that oil production increased in countries such as Saudi Arabia, Iraq, Kuwait, and the United Arab Emirates due to decline in production from Libya and Angola, which had driven the growth in ROW.
As the study indicates, emerging economies such as China and India are expected to drive the strong demand of oil and gas due to their growing income. Additionally, rapid demographic shifts due to urbanization are expected to help drive demand. The industry is expected to face challenges such exploration and production of oil and gas from harsh regions such as Canada’s oil sands, ultra-deepwater in the Gulf of Mexico, as well as desert and arctic areas countries.
This study provides an overview of the global oil and gas exploration and production industry. The report tracks two market segments for four geographic regions; thus, it tracks eight segments of the industry.
For a detailed table of contents and pricing information on this timely, market report, contact Lucintel at +1-972-636-5056 or via email at helpdesk(at)lucintel(dot)com. Lucintel provides cutting-edge decision support services that facilitate critical decisions with greater speed, insight, and cost efficiency.