According to the report analysis, ‘Monthly Global Upstream Review, June 2018 – Middle East Leads Global Crude Oil And Condensate Production’ states that the global production of oil and gas is expected to grow more than 5.0% during the 2018 to 2022 outlook period. Moreover, all about 488 planned and announced projects are anticipated to come at an online platform across the globe by 2022. Whereas, the Asia Pacific region leads with the highest number of planned and announced projects among the regions, followed by Europe and Africa. Total production is anticipated to grow approximately 63.0 billion boe by 2022. Furthermore, many new technologies are setup on the field of oil and gas which have made unconventional sources of oil and gas to produce, thus serving energy firm with effective opportunities. The demand is growing more significantly by the ageing reserves by which the market is becoming more competitive and the key players of this industry are playing their role in an effective manner for defeating the demand more significantly.
The companies of Europe are projecting many projects for being an effective player of this market and access to cheaper and more abundant feedstocks and energy and surging the effective share in this market across the globe. However unsurprisingly, the Europe’s Norway is the largest producer of gas and oil and expanding more the business premises for attaining the more attention which further can enable the employment opportunities. Moreover, the extensive production of oil and gas effect the GDP more significantly with the export and import of goods which are majorly related to both oil and gas.
In the recent last years the demand for oil and gas is growing more effectively which is driven by economic recovery, stronger heating demand caused by winter coil spells, industrial activity and several other across the globe. With the growing demand some of the major companies which are currently functioning in this sector for attaining the handsome amount of share and making the market more competitive and profitable includes Gazprom, Royal Dutch Shell Plc, Exxon Mobil Corp, Petroleo Brazilerio SA, Rosneft Oil Co, Equinor ASA, China National Offshore Oil Corporation, Eni SpA, Inpex Corporation and several others. Moreover, across the globe many of the regions are playing effective role for development in the economy and lead the demand for the upstream oil and gas production which includes Africa, Asia, Caribbean, Central America, Europe, Former Soviet Union, Middle East, North America, Oceania, and South America.
Undoubtedly, the global oil and gas industry is growing in the last decade owing to significant increase in demand for oil especially form the developing countries such as India and China. Moreover, the primary hub for oil industry is the Middle East which holds most of the oil reserves this putting them at a beneficial position. Although, the world is moving towards the renewable source of energy which could change the entire industry landscape. The need would also be met hardly for the Asia Pacific and Europe region companies who are generating the handsome amount of oil and gas in order to modify the share of this market and will lead the market growth across the globe more significantly in the near future over the decades.
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Ankur Gupta, Head Marketing & Communications