Offshore drilling refers to a process that involves drilling a hole into the seabed for oil and gas exploration and production (E&P) purposes. As per the latest market research report published by Technavio, the offshore drilling market size will grow by over USD 38.53 billion during 2019-2023. Get the free sample report below for the detailed information.
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The drilling process in offshore locations is costlier than that of onshore locations. Offshore drilling projects need a longer timeline than onshore drilling projects. Additionally, most of the offshore oil and gas drilling contracts the last several years. Offshore drilling will require high investments due to the long timeline of offshore drilling and the added risks. However, profitability rates of offshore drilling have been improving, and its demand remains high.
According to the IEA, the costs of offshore oil and gas projects have been coming down from the last few years. After the fall in oil prices in 2014, many deepwater projects proposed were canceled or delayed, as the oil and gas industry shifted focus toward shorter cycle investments, including shale. As the crude oil prices have started rising, more investments are expected in offshore oil and gas projects. As the cost of offshore drilling projects are coming down, more offshore projects are expected to begin, which is expected to drive the growth of the global offshore drilling market at a CAGR of 8.53% during the forecast period. To know the complete and in-depth analysis and forecast of this market get the complete report by clicking the link below.
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