The global oil and gas upstream activities market is expected to grow at a compound annual growth rate (CAGR) of 26.6% from $2,635.45bn in 2020 to $3,335.52bn in 2021, according to the “Oil & Gas Upstream Activities Global Market Report 2021.
Major companies in the oil and gas upstream activities market include Saudi Aramco; Rosneft; Kuwait Petroleum Corporation; ADNOC; and the Iraq Ministry of Oil, the report states.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The market is expected to reach $4,243.14bn in 2025 at a CAGR of 6%, the research states.
The oil and gas upstream activities market consists of sales of crude oil and natural gas by entities, including organisations, sole traders, and partnerships that undertake the pre-refining activities of crude oil and natural gas production.
The oil and gas upstream activities market is segmented into crude oil; natural gas; oil and gas wells drilling services and oil and gas supporting activities.
Asia Pacific was the largest region in the global oil & gas upstream activities market, accounting for 35% of the market in 2020. North America was the second largest region accounting for 20% of the global oil & gas upstream activities market. Africa was the smallest region in the global oil & gas upstream activities market.
Oil and Gas Wells Drilling Service providers are using seismic technology to map and interpret potential hydrocarbon reserves. 4D seismic technology is being used to track the change in the physical properties of the reservoir rocks which are caused due to changes in reservoir pressure, temperature, and fluid saturation.