The crude oil and natural gas extraction industry comprises establishments engaged in crude petroleum and natural gas extraction and natural gas liquid extraction.
The crude oil and natural gas market in this report is segmented into crude oil extraction and natural gas extraction.
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The global crude oil and natural gas market has been declining in the past years with a CAGR of almost -13%. The year 2017 recorded decline in this market with a net market value more than 70% lower than that of 2013, as per TBRC’s in-house consultants.
TBRC’s latest report show the historic and future trends in the market for each year with sourced reasons to support the decline claims.
The report also shows the global crude oil and natural gas market to grow at a lower CAGR by 2021 as compared to 2017, along with geographies best suited for investments with highest return rate.
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The crude oil and natural gas industry is adopting EOR techniques to improve oil recovery factor, which was previously low at approximately 40% of many fields. Enhanced oil recovery is a tertiary method of recovery used to increase the amount of oil recovered from a particular deposit. Three main types of EOR include thermal recovery, gas injection, and chemical injection. Thermal recovery involves injection of steam to lower the viscosity of oil; gas injection uses natural gas, nitrogen or CO2; whereas chemical injection involves use of polymers. The application for CO2-EOR is gaining popularity because of the potential for sequestering CO2 while improving recovery of hydrocarbons.
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Companies included in the report are Saudi Aramco, Kuwait Petroleum Corp., Rosneft, ADNOC, Iraq Ministry of Oil, National Iranian Oil Company, Exxon Mobil Corp., Statoil, Royal Dutch Shell, and BP Plc.
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