The Global Oil & Gas Exploration & Production industry is $3.2tr in 2020
Low crude price including high cost of involvement in E&P of unconventional and traditional resources is driving the oil & gas market. Abundant availability of unconventional resources in the U.S. will further complement the industry growth. In 2016, Cobalt a U.S. based company has discovered natural gas in the Zalophus 1 well in Block 20 offshore Angola and recent discovery of crude and natural gas reserve by Sonangol could produce up to 2 million barrel a day for coming three years. Expansion of refineries to satisfy the increasing petroleum product demand may boost global oil and gas analytics market size. In 2016, ExxonMobil announced to expand refining capacity of Beaumont refinery in Texas with 40,000 barrels by 2018. Increasing exploration and production of oil and gas will augment the industry from 2016 to 2024. Strict government regulation to make sure safety during operation will further complement the industry growth. Rising investments in digital technology by O&G companies to increase workforce productivity and reduce cost will encourage oil & gas analytics market share during forecast period.