Global Deepwater Hydrocarbons Exploration Market: Overview
The hydrocarbons under the ocean floor remain the only source of oil and gas that is untouched while the other oil and gas reserves are getting depleted. As a result, the oil exploration and production companies are showing great interest in using these hydrocarbons. Deepwater reserves account for approximately 11% out of all the hydrocarbon reserves on the earth’s surface.
Global Deepwater Hydrocarbons Exploration Market: Segmentation
The global deepwater hydrocarbons exploration market is broadly segmented into a type of service, depth of exploration, type of drilling platforms, and regions. Based on the type of service, the deepwater hydrocarbons exploration market is classified into deepwater exploration, deepwater hydrocarbon production, and drilling. The global market is segmented on the basis of the depth of exploration into deep water and ultra deep water. On the basis of the type of drilling platforms, the deepwater hydrocarbons exploration market is divided into subsea systems, fixed platform rig, jack-up rig, spar platforms, and compliant tower rigs. The market is geographically diversified into regions such as Asia Pacific, Europe, North America, and Rest of the World.
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Global Deepwater Hydrocarbons Exploration Market: Growth Factors
The modern technology advancements and the increasing number of companies making investments have been the major factors driving the deepwater hydrocarbons exploration market. The growing demand for conventional hydrocarbons such as crude oil and natural gas has made a significant growth in the deepwater hydrocarbons exploration market. The market growth was slow in the past due to the high cost of exploration, capital expenditure, underdeveloped technologies, and the negative profit margin. However, the scenario has changed considerably owing to the technological developments in the deep sea and ultra deep-sea exploration and drilling, and high crude oil prices are making the deep sea drilling economically feasible. The technological developments and the increased R&D activities for the exploration of other unconventional hydrocarbon deep water sources will make the market grow significantly. The factor restraining the global market growth is the increasing environmental and HSE regulations for the drilling and exploration activities. The other factor hampering the market growth is the demand for renewable and sustainable energy sources.
Global Deepwater Hydrocarbons Exploration Market: Regional Analysis
The region that dominates the deepwater hydrocarbons exploration market is North America. The Gulf of Mexico and the North Sea regions have been identified as the major regions where a majority of the deepsea activities are carried out since the last few years.
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Latin American market is also growing significantly due to the large hydrocarbon reserves in the Venezuela and Brazilian offshore. The Asia Pacific and European regions are also showing a significant growth in the deepwater hydrocarbons exploration market. The Middle East region has many deep sea reserves, hence anticipating the market growth in the coming years.
Global Deepwater Hydrocarbons Exploration Market: Competitive Players
Some of the key companies operating in the deepwater hydrocarbons exploration market include Oceaneering International Inc., PetroBras, Brazilian Petroleum Corporation, Schlumberger Ltd., Transocean Ltd., and Trico Marine Services Inc.
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