What is Crude Oil and Natural Gas Market?
Crude oil and natural gas are fossil fuels that formed from the remains of dead animals and plants. Crude oil is extracted from the earth compromised of hydrocarbons, organic compounds, and small amounts of sediments and metal, while natural gas is naturally occurring gas consisting mixture of methane and other higher alkanes. The demand for natural gas is increasing as the cleanest burning fossil fuel and heating and cooling application in the residential and commercial buildings. Further, the growing electricity consumption due to increasing automation and the use of machinery and equipment in the industrial sector has created a huge demand for fuel for electricity generation.
The market study is being classified by Type (Crude Oil {Very Light Oils, Light Oils, Medium Oils, Heavy Fuel Oils} and Natural Gas {Methane, Ethane, Butane, Propane}), by Application (Domestic, Industrial, Aviation and Commercial) and major geographies with country level break-up.
ExxonMobil (United States), Reliance Industries (India), Chevron Corporation (United States), Adani Welspun (India), TotalEnergies (France), Saudi Aramco (Saudi Arabia), BP plc (United Kingdom), Eni S.p.A. (Italy), Rosneft (Russia), Kuwait Petroleum Corporation (Kuwait), Equinor (Norway), SBM Offshore (Netherlands), Abu Dhabi National Oil Company (United Arab Emirates), ConocoPhillips (United States) and Petrobras (Brazil) are some of the key players profiled in the study.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Segment Analysis
Analyst at AMA have segmented the market study of Global Crude Oil and Natural Gas market by Type, Application and Region.
On the basis of geography, the market of Crude Oil and Natural Gas has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing Demand for Crude Oil and Natural Gas to Generate Electricity and Heating & Cooling Buildings
- Rapidly Growing Offshore Operations of Crude Oil and Natural Gas
Market Trend
- The Use of Advanced Technologies like Digital Oilfield, IoT, and AI for New Exploration and Production of Oil & Gas
Restraints
- Strict Regulations by the Government over Offshore Drilling Due to Impact on Aquatic Life
- Growing Preference Towards the Renewable Energy Sources due to Increasing Environmental Concerns
- Ongoing Russia Ukraine War Can Affect the Import and Export of Crude Oil and Natural Gas
Opportunities
- Increasing Application of Natural Gas like CNG and LNG in the Passenger Cars and Other Domestic Vehicles Due to Low Price and Easy Availability
- Significant Growth of Oil & Gas Industry in the Developing Countries India and China and Increased Gas Consumption in the Asia Pacific Region
Challenges
- Prevalence of Electric Vehicles Across the Globe Can Create the Challenges for Light Crude Oils in the Future
In April 2021, Reliance Industries and BP started the production from the Satellite Cluster gas field in block KG D6 offshore eastern India to meet growing gas demand. With collaboration, both the company will produce gas from four reservoirs via five wells with peak production and will deliver approximately 1 bcf/d by 2023.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Crude Oil and Natural Gas Providers, Crude Oil and Natural Gas Drilling Service Providers, Venture Capitalists and Private Equity Firms, Government Bodies and Research Organizations and Others