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Global Oil & Gas Exploration & Production

Global gas exploration market: $5.1 trillion industry forecast by 2018

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2014-01-22 17:34:03 - Global Oil & Gas Exploration & Production - a new market research report on

The Global Oil and Gas Exploration and Production industry is expected to generate revenue of $4.5 trillion in 2013. This is up from $4.2 trillion in 2008, yielding annualized growth rate of 1.3% in the five years to 2013. Revenue is expected to expand 3.0% in 2013 as oil and gas prices moderately contract, which represents a slowdown from extremely large gains during 2010 and 2011, when oil prices surged. Short-term spikes in the price of oil and gas have largely driven the industry´s expansion over the period. However, industry performance did experience significant pitfalls, with an almost 40.0% drop in revenue during the global recession in 2009. Industry profit has also fluctuated according to oil and gas prices.

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a highly regulated industry, with various tiers of government involved in all stages of production. Governments determine which geographical areas of a country are open to oil exploration and extraction, issue exploration and production leases, and enforce environmental legislation. Environmental concerns associated with deep-sea oil and gas drilling came to the forefront in 2010 after the explosion of BP´s Deepwater Horizon facility in the Gulf of Mexico. The US government´s inquiry into the incident laid blame at the feet of both the industry and regulators in the United States. Consequently, regulation in the United States has been tightened, and firms involved in oil exploration and drilling also face more scrutiny in other jurisdictions, which raises operating costs through compliance monitoring and longer lead times.

Trade has become an increasingly important aspect of the industry over the past five years. About 57.0% of the oil produced in 2013 will be traded internationally, compared with nearly 32.0% of natural-gas output. Combined, the value of internationally traded oil and natural gas in 2013 is forecast to be $1.9 trillion. Output is dominated by Africa, the Middle East, Europe and North America. Over the next five years, oil and gas consumption is expected to expand moderately as global economic growth continues. Although the Organization of the Petroleum Exporting Countries is expected to moderate production levels so that the world average oil price fluctuates around $100.0 per barrel, occasional shortfalls in output are expected to periodically cause prices to spike at higher levels. In this climate, the industry´s revenue is forecast to grow at an annualized rate of 2.5% in the five years to 2018 to $5.1 trillion.

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