Visiongain has published a new report entitled the Deepwater & Ultra Deepwater Exploration & Production (E&P) Market Report 2022-2032: Forecasts by Project (Production, Exploration), by Water Depth (Deepwater Ultra-Deepwater), by Type (Seismic, Drilling, Floating Operation Systems, Other), by Operation (Deepwater Geology, Deepwater Exploration, Drilling Rigs, Well Construction, Fixed and Floating Systems, Subsea Systems, ROVs and Service Vessels, Topside Construction, Pipelines, Flowlines, and Risers, Other), by SSLNG Re-Gasification (Open Rack Vaporisers (ORV), Submerged Combustion Vaporisers (SCV), Ambient Air Vaporisers (AAV), Odorisation, Send-out, and Delivery) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.

The global deepwater & ultra deepwater exploration & production (E&P) market was valued at US$xx million in 2021 and is projected to grow at a CAGR of xx% during the forecast period 2022-2032.

Increasing Investment In Oil & Gas Exploration In Developing Countries
Instead of institutional investors, the majority of the world's oil and gas production and reserves come from government-controlled National Oil Companies (NOCs) — often in emerging markets. These governments rely on their NOCs to generate revenue for their budgets, to pay key government services, and to provide a significant source of foreign currency reserves. It is unlikely that countries will decide against monetizing their valuable O&G reserves until they diversify their economies (which the energy revolution has made possible in some circumstances) or are pressured to follow others in proclaiming net-zero ambitions. Despite some predictions that oil demand has peaked, a considerable percentage is likely to continue for the foreseeable future.

How has COVID-19 had a significant negative impact on the Deepwater & Ultra Deepwater Exploration & Production (E&P) Market?
The combination of the Coronavirus (COVID-19) and the oil price shock is particularly damaging to oil-exporting developing countries at a time when the fossil fuel industry is experiencing structural collapse. Although some countries may be able to weather the current crisis thanks to sovereign wealth funds or relatively low levels of public debt, this will not be the case for the majority of fragile oil-exporting countries, many of which are resource dependent and were already dealing with high levels of debt and multifaceted economic and social fragility prior to the current crisis. As a result of the current turmoil, some countries may find themselves in a spiral of unsustainable borrowing, as oil-exporting developing countries have increased their reliance on short-term and expensive non-concessional private borrowing in recent years, a significant portion of which is backed by oil collateral. To create fiscal space in oil-exporting developing countries, reduce the risks of unsustainable debt, corruption, and illicit financial flows (IFFs), and catalyze a transition to a cleaner and more sustainable future, a timely and coherent response involving both concessional lenders and private financiers is required.

How this Report Will Benefit you?
Visiongain’s 440+ page report provides 283 tables and 295 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global deepwater & ultra deepwater exploration & production (E&P) market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Deepwater & Ultra Deepwater Exploration & Production (E&P). Get the financial analysis of the overall market and different segments including type, project, operation, water depth and capture higher market share. We believe that high opportunity remains in this fast-growing deepwater & ultra deepwater exploration & production (E&P) market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the current market drivers?

New Oil Field Discoveries
New oil fields have been discovered as a result of the rising demand for oil and gas to meet energy demands. This has resulted in an increase in oil and gas extraction activity. Furthermore, the disparity between energy demand and supply has prompted the search for additional oil reserves all over the world. Authorities in countries like the United States, Iran, and Iraq have been focusing on finding new oilfields to produce oil and gas. For example, in 2019, the Iranian government claimed the discovery of new oilfields in the country's southern region with a capacity of more than 50 million barrels of crude oil. In 2019, BP Plc announced the discovery of new oilfields in the Gulf of Mexico's Thunder Horse field with a capacity of one billion barrels of oil.

Automated Drilling Rigs
In every industry vertical, industrial automation has changed corporate operations. The oil and gas business is seeing a rise in automated drilling. Several industrial automation technologies and industrial control systems, such as PLC, SCADA, DCS, and HMI, among others, play an important role in monitoring, enhancing dependability, and improving production processes by decreasing human error. The use of robotic drilling machines and computer-controlled operations has also helped to enhance worker safety in the drilling industry. Government agencies, ISOs, and utility operators have all expressed a keen interest in the security of essential data and advances in record management in the energy industry

Where are the market opportunities?

An Industry On The Seach For New Growth Areas
With fewer easy-to-access oil fields remaining, the business has expanded into other places, including operations in more remote and deeper offshore locations. The 2010 Gulf of Mexico Macondo well catastrophe, which could cost BP about $90 billion in fines and other compensation, put a temporary halt to deepwater drilling in the US and hindered progress in other crucial regions. The oil sector, on the other hand, has resumed active investment in potential deepwater basins around the world, thanks to assurances of more stringent safety and disaster preparedness measures. The ongoing development of substantial deepwater hydrocarbon finds opens up enormous prospects for oil and gas producers, as well as equipment and service providers along the value chain. Investors are exploring and developing potential in record-breaking sea depths (currently 3,500 m) and distances from the coast (up to 650 km). This complicates the safe and effective design, deployment, and operation of subsea facilities and deepwater platforms

Offshore Exploration Opportunities Beckon In Southern Africa
Investors are increasingly focusing on core sites and lower-carbon short-cycle prospects, putting pressure on Africa's upstream sector. Nonetheless, there appears to be a need for action in Africa's under-explored basins, notably from prominent frontier explorers like Total and Shell, which have the potential to not only explore but also develop discoveries. South Africa and Namibia rank highly in terms of investment attractiveness, with a progressive fiscal structure, relatively large and prospective licence blocks, and, in the case of South Africa, supply chain expertise, as compared to other Sub-Saharan countries. The key to early commercialization of discoveries in these basins is guaranteeing a substantial enough finding given the limited existing infrastructure and, in the case of gas, a viable domestic or foreign end market.

Competitive Landscape
The major players operating in the deepwater & ultra deepwater exploration & production (E&P) market are Transocean Ltd., Seadrill Limited, Noble Corporation, Valaris Ltd, Saipem SpA, Sapura Energy Berhad, Nabors Industries Ltd., Maersk Drilling A/S, Shelf Drilling Ltd, Aker Solutions ASA, CGG SA (CGG), MODEC, INC., PGS ASA, SBM Offshore NV, The Royal Dutch Shell plc, Subsea 7 S.A., China National Offshore Oil Corporation, SeaBird Exploration PLC, Petroleo Brasileiro S.A, Petronas Gas Berhad (PGB), These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Notes for Editors
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