Global Rotary Drilling Rig Market (2020 to 2025) – Growth, Trends, and Forecasts

Dublin, Aug. 10, 2020 (GLOBE NEWSWIRE) — The “Rotary Drilling Rig Market – Growth, Trends, and Forecasts (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.The oil and gas industry faced a challenging business environment in 2014 due to the declining crude prices, which continued in the subsequent years. However, the September 2017 – September 2018 period turned out to be a better year for the oil and gas industry than expected, as it witnessed a significant increase in oil prices, with increased exploration and development activities across regions, particularly from the offshore areas, with improving projects viability.Globally, very few onshore regions are left to be explored by the oil companies and with the increasing oil prices, numerous countries around the world are expected to witness increase in exploration and production activities in the coming years. This, in turn, is expected to create a potential opportunity for the growth of offshore rotary drilling rig market.From 2014 to 2018, global deepwater expenditure has increased and countries, such as Brazil, the United States, Gulf of Mexico (GoM), Norway, Angola, and Nigeria, constitute a large amount of this capital expenditure, respectively, with West Africa anticipated to have the greatest regional growth.Hence, the offshore rotary drilling rig market is expected to witness a significant growth during the forecast period.Middle East & Africa to be the Fastest Growing MarketThe Angolan offshore region is among the most prospective plays in Africa and continues to draw high levels of investment. Drilling results are broadly positive, with exploration yielding a number of high-impact discoveries in recent years. A heavy focus on the Kwanza Basin pre-salt has returned five major discoveries since 2011: Bicuar, Cameia, Lontra, Mavinga, and Orca, in blocks 20 and 21.On the flipside, with Angola’s most prospective acreage in the deepwater, ultra-deepwater, and pre-salt areas, exploration can be characterized as high- risk, high-reward. The large number of drilling activities is expected to continue to target deepwater and pre-salt prospects, spearheaded by industry giants, such as Chevron, BP, Eni, Exxon Mobil, Statoil, and Total, along with national oil company Sonangol.Nigeria holds the top position among the ten countries, with the largest remaining crude oil and condensate deepwater reserves. The majority of reserves are along the country’s Niger River Delta and offshore in the Bight of Benin, the Gulf of Guinea, and the Bight of Bonny. As of now, exploration activities are mostly focused on the deep and ultra-deep offshore, although some onshore exploration is also taking place.Therefore, factors such as upcoming offshore E&P activities especially from the West Africa region is expected to boost the number of rotary drilling rigs in the region in the coming years.Competitive LandscapeThe market estimate (ME) sheet in Excel format3 months of analyst supportKey Topics Covered:Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.CONTACT: ResearchAndMarkets.com
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