Press Release

Surging Investments to Invigorate the Global Oil & Gas Coring Market

The growing demand for oil & gas in the countries has been positively impacting the increasing investments in the oil & gas sector. The surging consumption of oil has boosted the exploration & production activities thereby boosting the global oil & gas coring market. Moreover, the increased initiatives taken by the companies for the development of oil & gas sector are anticipated to strongly contribute to the growth of oil & gas coring market. In 2019, the Abu Dhabi National Oil Company (ADDNOC) signed a Comprehensive Strategic Framework with PT Pertamina to explore opportunities for setting up partnership across the oil & gas value chain. 

According to MarkNtel Advisors’ research report “Global Oil & Gas Coring Market Analysis, 2020”, the oil & gas coring market is anticipated to register a CAGR of around 6% during 2020-25. The gradual growth in the exploration & production activities in the countries has proliferated the demand for oil & gas coring. In 2018, Argentina’s Neuquen Province approved an investment of USD 616 million by Pluspetrol for the exploration of unconventional gas in the Vaca Muerta Shale Play.

Moreover, the integration of advanced technologies such as machine learning and cognitive computing in oil & gas exploration & production activities. In 2019, BP Ventures invested USD 5 million in Belmont Technology to strengthen the company’s artificial intelligence and digital capabilities in the oil & gas sector. Hence, the surging investments in the oil & gas sector are projected to boost the global oil & gas coring market, revealed by MarkNtel Advisors’ research report “Global Oil & Gas Coring Market Analysis, 2020”.   

As per MarkNtel Advisors’ study, the bottom coring seized the maximum market share in the global oil & gas coring market in 2019. The highest market share of bottom coring is attributed to its better result quality in comparison to sidewall coring. Moreover, the companies are planning to boost their oil production, which is anticipated to surge the growth of global oil & gas coring market. In 2018, the Abu Dhabi National Oil Company (ADNOC) planned to boost its oil production capacity to 4 million barrels per day by 2020 and 5 million barrels per day by 2030. The increasing rig count in the countries is one of the major factors driving the oil & gas coring market. In 2019, the Qatar Petroleum gave contracts for 6 rigs to the Gulf Drilling International (GDI) and 2 to Northern Offshore Drilling Operations. 

"Global Oil & Gas Coring Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and opportunities available for Oil & Gas Coring firms across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This would help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.  

Industry Segmentation:
1.    By Type (Bottom Coring, Sidewall Coring)
2.    By Application (Onshore, Offshore)
3.    By Geographic Region (North America, South America, Europe, Middle East & Africa, Asia Pacific)
4.    By Countries (US, Canada, Mexico, Brazil, Argentina, Venezuela, Germany, Norway, UK, Russia & CIS, Netherlands, UAE, Saudi Arabia, Oman, Iran, South Africa, Egypt, China, India, Thailand, Indonesia, Australia, Others) 
5.    By Competitors (Schlumberger Limited, Halliburton Company, Baker Hughes, a GE Company, China National Petroleum Corporation, Weatherford International Plc, Others)  

Key questions answered in the study:
1.    What are the current and future trends of the Global Oil & Gas Coring market? 
2.    How the industry has been evolving in terms of end-user demand and application areas?
3.    What are the future plans and customer expectations of end-users across the globe? 
4.    How the competition has been shaping across the countries followed by their comparative factorial indexing?
5.    What are the key growth drivers and challenges for the Global Oil & Gas Coring market?
6.    What are the customer orientation, purchase behavior, and expectations from the Oil & Gas Coring companies across various regions?