Mais conteúdo relacionado The Future of the Offshore Drilling Industry to 2015 - Market Analysis, Capital Spend and Competitive Landscape1. The Future of the Offshore Drilling Industry to 2015 -
Market Analysis, Capital Spend and Competitive Landscape
Reference Code: GBIGE00026MR Publication Date: February 2010
Global offshore drilling market has experienced a slowdown in 2009 following the hectic activity
The global drilling witnessed in the previous years. The growth of the offshore drilling market is being driven by high
expenditure is forecast to demand and the prices of crude oil and natural gas. The increase in the demand for oil and natural
grow at an annual gas due to the high economic growth during the period from 2004 to 2008 was responsible for the
average growth rate of continuous increase of crude oil and natural gas prices until mid 2008. The demand for oil and gas
about XX% in the forecast and the sustained high prices stimulated increased activity in the offshore drilling market.
period of 2009 to 2015
However, since the economic slowdown and the collapse of the oil and gas prices from record
levels of 2008, many of the offshore projects have become uneconomical and have since been
delayed or cancelled. This is because the offshore drilling expenditure is directly dependent on the
exploration and production capital spending of the international oil companies, national oil
companies and independent producers. The tight credit situation and an uncertain outlook for the
oil and gas global demand have affected the capital expenditure plans of the exploration and
production companies. These factors had a negative effect on the offshore drilling spend in 2009.
However, future outlook for offshore drilling is encouraging and the expenditure is expected to
steadily increase to 2015.
Global Offshore Drilling Expenditure Is Expected To Grow To More Than $XX Billion in The
Period From 2009 To 2015
The global offshore drilling expenditure has increased in recent years especially during the period
from 2004 to 2008. According to GBI Research’s estimates, approximately $XX billion was spent
on offshore drilling from 2000 to 2008. The regions accounting for the major share of the spending
were the US Gulf of Mexico (USGOM), West Africa, Brazil and Asia Pacific. The offshore drilling
expenditure peaked in 2007- 2008.
The global drilling expenditure is forecast to grow at an annual average growth rate of about XX%
in the forecast period of 2009 to 2015. The depletion of the reserves in onshore and shallow waters
and the advancement in seismic and drilling technologies are driving the increased drilling activities
in deepwater offshore regions. This trend is most visible in the offshore areas of the USGOM, Brazil
and West Africa. The discovery of deep water and subsalt reserves is expected to drive
investments in the sector.
As a result of the increasing demand and the decline of the reserves of crude oil and natural gas,
the prices of crude oil and natural gas are expected to continue to rise. However, factors such as
decreases in service costs as the offshore regions mature, and advances in technology leading to
increased efficiency and a reduction in extraction costs, will combine to reduce the total E&P
investments. Nonetheless, the positive factors leading to increases in investments are likely to
outweigh the negative factors, thereby significantly increasing the offshore drilling expenditure in
the future.
The Future of the Offshore Drilling Industry to 2015 - Market GBIGE00026MR /Published FEB 2010
Analysis, Capital Spend and Competitive Landscape
Page 1
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2. 1 Table of Contents
1 Table of Contents .................................................................................................................... 6
1.1 List of Tables.................................................................................................................. 8
1.2 List of Figures................................................................................................................. 9
2 The Future of the Offshore Drilling Industry to 2015 .............................................................. 10
2.1 Report Guidance .......................................................................................................... 10
3 Introduction To The Offshore Drilling Industry ....................................................................... 12
3.1 Importance of Offshore Oil and Gas Production and Major Offshore Areas................. 13
3.2 Offshore Drilling Industry Structure and the Process of Offshore Drilling ..................... 14
3.3 Types of Rigs and Support Services ............................................................................ 14
3.3.1 Mobile Bottom Supported Rigs................................................................................ 15
3.3.2 Floating Rigs ........................................................................................................... 15
3.3.3 Key Technologies Used As Supporting Mechanisms in Floating Rigs .................... 15
3.3.4 Subsea Production and Processing Systems.......................................................... 16
4 Key Trends And Challenges In The Offshore Drilling Industry............................................... 17
4.1 Key Drivers of the Offshore Drilling Industry ................................................................ 17
4.1.1 Growth In Oil And Gas Demand In The Long Term And The Increase In The
Offshore Oil And Gas Production are Driving The Growth Of The Offshore Drilling
Industry.................................................................................................................... 17
4.1.2 The Shift in Investment to New and Emerging Offshore Regions such as Asia and
Brazil is Driving the Growth of Offshore Drilling on these Regions .......................... 17
4.1.3 Increasing Trend towards Deep and Ultra Deep Water Exploration and Production is
Driving the Growth of the Offshore Drilling Industry................................................. 17
4.1.4 Rapid Technology Advances are a Key Driver of the Development of the Offshore
Drilling Industry........................................................................................................ 18
4.2 Major Challenges in The Offshore Drilling Industry ...................................................... 19
4.2.1 Global Economic Slowdown and Low Commodity Prices are a Challenge for the
Growth of the Offshore Drilling Industry in the Short Term ...................................... 19
4.2.2 Decreases in Exploration and Production Capital Expenditure is a Major Challenge
for the Offshore Drilling Contractors ........................................................................ 20
4.2.3 Geopolitical Risks and Terrorist Threats Might Have a Major Impact on the Offshore
Drilling Activities In Particular Countries .................................................................. 21
4.2.4 Highly Competitive Drilling Industry with Intense Price Competition in Addition to the
Decrease in the Drilling Activity will be a Major Challenge ...................................... 22
4.3 Offshore Drilling Units Planned and Under Construction ............................................. 22
4.4 Mergers and Acquisitions in the Global Offshore Drilling Industry................................ 27
5 Global Offshore Drilling Expenditure Forecasts To 2015 ....................................................... 29
5.1 Global Offshore Drilling Expenditure Forecasts To 2015 ............................................. 29
5.2 Global Exploratory and Development Drilling Expenditure........................................... 31
5.3 Competitive Analysis of the Offshore Drilling Industry, 2009........................................ 34
5.3.1 Competitive Structure .............................................................................................. 34
5.3.2 Market Share Analysis of the Global Offshore Drilling Industry, 2009 ..................... 34
5.4 Profiles of the Major Offshore Drilling Contractors ....................................................... 35
5.4.1 Transocean Ltd. ...................................................................................................... 35
5.4.2 Noble Corporation ................................................................................................... 36
5.4.3 Diamond Offshore Drilling ....................................................................................... 37
5.4.4 Ensco International.................................................................................................. 37
5.4.5 Seadrill .................................................................................................................... 38
6 North America Offshore Drilling Expenditure Forecasts To 2015 .......................................... 40
6.1 North America Drilling Expenditure Forecasts To 2015 ............................................... 40
6.2 North America Exploratory Drilling Expenditure ........................................................... 41
6.3 North America Development Drilling Expenditure ........................................................ 42
6.4 Major Offshore Oil and Gas Projects In North America ................................................ 44
6.5 Exploration and Production Companies’ Offshore Activity in North America................ 44
6.5.1 North America, Top Lease Holders In 2009 ............................................................ 44
The Future of the Offshore Drilling Industry to 2015 - Market GBIGE00026MR /Published FEB 2010
Analysis, Capital Spend and Competitive Landscape
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3. 7 South And Central America Offshore Drilling Expenditure Forecasts To 2015 ...................... 46
7.1 South and Central America Drilling Expenditure Forecasts To 2015 ........................... 46
7.2 South and Central America Exploratory Drilling Expenditure ....................................... 47
7.3 South and Central America Development Drilling Expenditure .................................... 49
7.4 Major Offshore Oil and Gas Projects in South and Central America ............................ 50
7.5 Offshore Activity of the Exploration and Production Companies in South and Central
America ........................................................................................................................51
7.5.1 South and Central America, Top Lease Holders In 2009 ........................................ 51
8 Europe Offshore Drilling Expenditure Forecasts To 2015...................................................... 54
8.1 Europe Drilling Expenditure Forecasts To 2015........................................................... 54
8.2 Europe Exploratory Drilling Expenditure....................................................................... 55
8.3 Europe Development Drilling Expenditure.................................................................... 57
8.4 Major Offshore Oil and Gas Projects in Europe ........................................................... 58
8.5 Offshore Activity of Exploration and Production Companies in Europe ........................ 59
8.5.1 Europe, Top Lease Holders in 2009 ........................................................................ 59
9 Middle East And Africa Offshore Drilling Expenditure Forecasts To 2015 ............................. 62
9.1 The Middle East and Africa Drilling Expenditure Forecasts to 2015............................. 62
9.2 The Middle East and Africa Exploratory Drilling Expenditure ....................................... 63
9.3 The Middle East and Africa Development Drilling Expenditure .................................... 65
9.4 Major Offshore Oil and Gas Projects in the Middle East and Africa ............................. 66
9.5 Offshore Exploration and Production Activity in the Middle East And Africa ................ 68
9.5.1 Middle East and Africa, Top Lease Holders in 2009................................................ 68
10 Asia Pacific Offshore Drilling Expenditure Forecasts To 2015............................................... 70
10.1 Asia Pacific Drilling Expenditure Forecasts To 2015.................................................... 70
10.2 Asia Pacific Exploratory Drilling Expenditure................................................................ 72
10.3 Asia Pacific Development Drilling Expenditure............................................................. 73
10.4 Major Offshore Oil and Gas Projects in Asia Pacific .................................................... 74
10.5 Offshore Exploration and Production Activity in Asia Pacific ........................................ 75
10.5.1 Asia Pacific, Top Lease Holders in 2009 ............................................................ 75
11 Appendix................................................................................................................................ 78
11.1 Methodology................................................................................................................. 78
11.1.1 Coverage ............................................................................................................ 78
11.1.2 Secondary Research .......................................................................................... 79
11.1.3 Primary Research ............................................................................................... 79
11.1.4 Expert Panel Validation ...................................................................................... 79
11.2 Units of Measure .......................................................................................................... 79
11.3 Contact Us ................................................................................................................... 80
11.4 About GBI Research .................................................................................................... 80
11.5 Disclaimer .................................................................................................................... 80
The Future of the Offshore Drilling Industry to 2015 - Market GBIGE00026MR /Published FEB 2010
Analysis, Capital Spend and Competitive Landscape
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4. 1.1 List of Tables
Table 1: Global, Oil & Gas Spending ($ Bn), 2005-2009............................................................ 21
Table 2: Global, Semi-Submersibles Under Construction to 2012 ............................................. 23
Table 3: Global, Drillships Under Construction to 2012 ............................................................. 24
Table 4: Global, Jackup Rigs Under Construction to 2012......................................................... 26
Table 5: Merger & Acquisitions and Asset Transaction Activity in the Offshore Drilling Industry
($ M), 2007 – 2009....................................................................................................... 28
Table 6: Global, Offshore Drilling Expenditure ($ Bn), 2000-2015 ............................................. 30
Table 7: Global, Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 .......................... 32
Table 8: Global, Offshore Developmental Drilling Expenditure ($ Bn), 2000-2015 .................... 33
Table 9: Global Offshore Drilling Industry, Competitive Analysis, 2009 ..................................... 35
Table 10: Transocean Ltd., Key Statistics, 2008.......................................................................... 36
Table 11: Noble Corporation, Key Statistics, 2008....................................................................... 37
Table 12: Diamond Offshore Drilling., Key Statistics, 2008.......................................................... 37
Table 13: Ensco International. Key Statistics, 2008 ..................................................................... 38
Table 14: Seadrill Limited. Key Statistics, 2008 ........................................................................... 38
Table 15: North America, Offshore Drilling Expenditure ($ Bn), 2000-2015................................. 41
Table 16: North America, Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015.............. 42
Table 17: North America, Offshore Development Drilling Expenditure ($ Bn), 2000-2015........... 43
Table 18: North America, Major Offshore Oil and Gas Projects, 2010-2015................................ 44
Table 19: North America, Top Offshore Lease Holders, 2009 ..................................................... 45
Table 20: South and Central America Offshore Drilling Expenditure ($ Bn), 2000-2015.............. 47
Table 21: South and Central America Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015 .................................................................................................................... 48
Table 22: South and Central America Offshore Development Drilling Expenditure ($ Bn),
2000-2015 .................................................................................................................... 50
Table 23: South and Central America, Major Offshore Oil and Gas Projects, 2010-2015............ 51
Table 24: South and Central America, Top Offshore Lease Holders, 2009 ................................. 53
Table 25: Europe Offshore Drilling Expenditure ($ Bn), 2000-2015 ............................................. 55
Table 26: Europe Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 .......................... 56
Table 27: Europe Offshore Development Drilling Expenditure ($ Bn), 2000-2015 ....................... 58
Table 28: Europe, Major Offshore Oil and Gas Projects, 2010-2015 ........................................... 59
Table 29: Europe, Top Offshore Lease Holders, 2009................................................................. 61
Table 30: Middle East and Africa Offshore Drilling Expenditure ($ Bn), 2000-2015..................... 63
Table 31: Middle East and Africa Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015.. 64
Table 32: Middle East and Africa, Offshore Development Drilling Expenditure ($ Bn), 2000-2015..
................................................................................................................................... 66
Table 33: Middle East and Africa, Major Offshore Oil and Gas Projects, 2010-2015................... 67
Table 34: Middle East and Africa, Top Offshore Lease Holders, 2009 ........................................ 69
Table 35: Asia Pacific Offshore Drilling Expenditure ($ Bn), 2000-2015 ...................................... 71
Table 36: Asia Pacific Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 ................... 73
Table 37: Asia Pacific Offshore Development Drilling Expenditure ($ Bn), 2000-2015 ................ 74
Table 38: Major Offshore Oil and Gas Projects in Asia Pacific, 2010-2015 ................................. 75
Table 39: Asia Pacific Top Offshore Lease Holders, 2009........................................................... 77
The Future of the Offshore Drilling Industry to 2015 - Market GBIGE00026MR /Published FEB 2010
Analysis, Capital Spend and Competitive Landscape
Page 8
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5. 1.2 List of Figures
Figure 1: Crude Oil Price, Brent and WTI, Natural Gas Price, Henry Hub, December 2008 –
January 2010 ............................................................................................................. 19
Figure 2: Oil & Gas Expenditure ($ Bn), 2005–2009................................................................. 21
Figure 3: Merger & Acquisitions and Asset Transaction Activity in the Offshore Drilling Industry
($ M), 2007 – 2009 .................................................................................................... 28
Figure 4: Global, Offshore Drilling Expenditure ($ Bn), 2000-2015 ........................................... 30
Figure 5: Global, Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 ........................ 32
Figure 6: Global, Offshore Development Drilling Expenditure ($ Bn), 2000-2015 ..................... 33
Figure 7: Global Offshore Drilling Industry, Competitive Analysis, 2009 ................................... 35
Figure 8: North America, Offshore Drilling Expenditure ($ Bn), 2000-2015 .............................. 40
Figure 9: North America, Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 ........... 42
Figure 10: North America, Offshore Development Drilling Expenditure ($ Bn), 2000-2015......... 43
Figure 11: North America, Top Offshore Lease Holders, 2009 ................................................... 45
Figure 12: South and Central America Offshore Drilling Expenditure ($ Bn), 2000-2015............ 46
Figure 13: South and Central America Offshore Exploratory Drilling Expenditure ($ Bn),
2000-2015.................................................................................................................. 48
Figure 14: South and Central America Offshore Development Drilling Expenditure ($ Bn),
2000-2015.................................................................................................................. 49
Figure 15: South and Central America, Top Offshore Lease Holders, 2009 ............................... 52
Figure 16: Europe Offshore Drilling Expenditure ($ Bn), 2000-2015 ........................................... 54
Figure 17: Europe Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 ........................ 56
Figure 18: Europe Offshore Development Drilling Expenditure ($ Bn), 2000-2015 ..................... 57
Figure 19: Europe, Top Offshore Lease Holders, 2009............................................................... 60
Figure 20: Middle East and Africa Offshore Drilling Expenditure ($ Bn), 2000-2015 ................... 62
Figure 21: Middle East and Africa Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 64
Figure 22: Middle East and Africa Offshore Development Drilling Expenditure ($ Bn), 2000-2015
................................................................................................................................... 65
Figure 23: Middle East and Africa, Top Offshore Lease Holders, 2009....................................... 68
Figure 24: Asia Pacific Offshore Drilling Expenditure ($ Bn), 2000-2015 .................................... 71
Figure 25: Asia Pacific Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015 ................. 72
Figure 26: Asia Pacific Offshore Development Drilling Expenditure ($ Bn), 2000-2015 .............. 74
Figure 27: Asia Pacific Top Offshore Lease Holders, 2009......................................................... 76
Figure 28: GBI Research Methodology, 2010............................................................................. 78
The Future of the Offshore Drilling Industry to 2015 - Market GBIGE00026MR /Published FEB 2010
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6. 4 Key Trends And Challenges In The Offshore Drilling Industry
4.1 Key Drivers of the Offshore Drilling Industry
4.1.1 Growth In Oil And Gas Demand In The Long Term And The Increase In The
The global offshore crude
oil production is expected
Offshore Oil And Gas Production are Driving The Growth Of The Offshore
to increase to XX million Drilling Industry
barrels by 2015 and the The global demand for oil and gas witnessed a decrease in late 2008 and 2009 due to the global
global offshore natural gas economic slowdown. However, with the expected recovery of the global economy led by emerging
production is expected to economies of India and China, the demand for oil and gas is likely to recover in 2010. Further,
increase to XX bcf by corresponding to the global economic growth, the demand for oil and gas is also expected to
2011 continue to increase in the future. This will result in a corresponding increase in the production,
especially from the offshore regions. With the global crude oil and natural gas demand not
expected to subside and the onshore reserves facing depletion, the offshore crude oil and natural
gas production is only expected to increase in the future. The global offshore oil and gas industry is
expected to continue to increase in the future. The global offshore crude oil production was XX
million barrels and the global offshore natural gas production was XX bcf in 2008. With a positive
outlook and the continuing growth of the offshore industry, the global offshore crude oil production
is expected to increase to XX million barrels by 2015. The global offshore natural gas production is
expected to increase to XX bcf by 2011. This increase in offshore production is expected to be a
key driver of the growth of the offshore drilling industry in the future.
4.1.2 The Shift in Investment to New and Emerging Offshore Regions such as
Asia and Brazil is Driving the Growth of Offshore Drilling on these Regions
In recent years, new and emerging offshore areas in Brazil, Asia and West Africa have attracted
increasing investments. The offshore areas in the US Gulf of Mexico and the North Sea in Europe
were the hotspots for investment in the last decade. However, the recent discoveries of offshore
fields with huge reserves in various other regions of the world has started a shift in investments
from mature regions such as the North Sea to nascent offshore areas in Brazil, West Africa and
Asian countries such as China and Vietnam.
4.1.3 Increasing Trend towards Deep and Ultra Deep Water Exploration and
Production is Driving the Growth of the Offshore Drilling Industry
In recent years, there has been an increasing trend towards deep and ultra deep water exploration.
With the decline in the available resources in the onshore areas, there has been a marked shift
towards increased offshore exploration. Initially, the offshore exploration was mainly in shallow
waters. However, in recent years, with the near complete exploitation of the shallow water
resources worldwide, companies have begun drilling deeper in the oceans.
The Future of the Offshore Drilling Industry to 2015 - Market GBIGE00026MR /Published FEB 2010
Analysis, Capital Spend and Competitive Landscape
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7. Figure 5: Global, Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015
Offshore Drilling Spend ($ bn)
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Source: GBI Research
Table 7: Global, Offshore Exploratory Drilling Expenditure ($ Bn), 2000-2015
Year Exploratory Drilling spend
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Source: GBI Research
The Future of the Offshore Drilling Industry to 2015 - Market GBIGE00026MR /Published FEB 2010
Analysis, Capital Spend and Competitive Landscape
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8. 9 Middle East And Africa Offshore Drilling Expenditure Forecasts
West Africa has some of
the most promising areas To 2015
for offshore oil and gas West Africa is one of the world’s emerging offshore regions. There have been huge discoveries in
exploration and the recent recent years which have increased the attractiveness of the region for exploration and production
discoveries of subsalt companies. The West African region is expected to drive the offshore drilling expenditure in the
reserves are only years ahead. On the other hand, there has been relatively little offshore activity in the Middle East
expected to add to the region.
attractiveness of the
region for increased 9.1 The Middle East and Africa Drilling Expenditure Forecasts to 2015
drilling expenditure
In recent years, Africa has emerged as one of the major regions for offshore oil and gas exploration
and development. West Africa, which includes Angola, Nigeria, Equatorial Guinea and Côte
d’Ivoire, is an important emerging region in the global offshore oil and gas industry and has
combined reserves of XX mmboe. New offshore fields and the desire of many governments to
develop the rich petroleum resources in the region has led to the increase in production and
thereby an increase in the drilling activity in recent years. With the region’s governments keen to
capitalize on their oil and gas resources, the region is expected to continue to attract huge
investments in offshore exploration and development activity in the future. The Middle East region,
which has enormous onshore reserves, also has considerable offshore potential. About XX million
barrels of oil were produced from the Middle East region in 2000, which increased to XX million
barrels in 2008. With the increased prospects in offshore areas, especially in West Africa,
exploration and production activity is expected to increase thereby attracting investments in drilling
in the future.
According to GBI Research’s estimates, the offshore drilling expenditure in the Middle East and
Africa was more than $XX billion during the period from 2000 to 2008. This is expected to increase
to more than $XX billion during the period from 2009 to 2015 with West Africa accounting for a
major share. West Africa has some of the most promising areas for offshore oil and gas exploration
and the recent discoveries of subsalt reserves are only expected to add to the attractiveness of the
region for increased drilling expenditure. Along with Brazil, the West African region is expected to
be a high growth market for offshore drilling.
Figure 20: Middle East and Africa Offshore Drilling Expenditure ($ Bn), 2000-2015
Drilling Expenditure
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Source: GBI Research
The Future of the Offshore Drilling Industry to 2015 - Market GBIGE00026MR /Published FEB 2010
Analysis, Capital Spend and Competitive Landscape
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9. 11 Appendix
11.1 Methodology
GBI Research’s dedicated Research and Analysis Teams consists of experienced professionals
with a pedigree in marketing, market research, consulting backgrounds in the energy industry and
advanced statistical expertise.
GBI Research adheres to the Codes of Practice of the Market Research Society (www.mrs.org.uk)
and the Society of Competitive Intelligence Professionals (www.scip.org).
All GBI Research databases are continuously updated and revised. The following research
methodology is followed for all databases and reports.
Figure 28: GBI Research Methodology, 2010
Source: GBI Research
11.1.1 Coverage
The objective of updating GBI Research’s coverage is to ensure that it represents the most up to
date vision of the industry possible.
Changes to the industry taxonomy are built on the basis of extensive research of company,
association and competitor sources.
The company coverage is based on three key factors: market capitalization, revenues and media
attention/innovation/market potential.
An exhaustive search of 56 member exchanges is conducted and companies are prioritized on
the basis of their market capitalization.
The estimated revenues of all major companies, including private and government, are
gathered and used to prioritize coverage.
Companies which are making the news, or which are of particular interest due to their
innovative approach are prioritized.
GBI Research aims to cover all major news events and deals in the energy industry, updated on a
daily basis.
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10. The coverage is further streamlined and strengthened with additional input from GBI Research’s
Expert Panel (see below).
11.1.2 Secondary Research
The research process begins with exhaustive secondary research on internal and external sources
being carried out to source qualitative and quantitative information relating to each market.
The secondary research sources that are typically referred to include, but are not limited to:
Company websites, annual reports, financial reports, broker reports, investor presentations
and SEC Filings
Industry trade journals and other literature
Internal and external proprietary databases
National government documents, statistical databases and market reports
News articles, press releases and web-casts specific to the companies operating in the market
11.1.3 Primary Research
GBI Research conducts hundreds of primary interviews a year with industry participants and
commentators in order to validate its data and analysis. A typical research interview fulfills the
following functions:
It provides first-hand information on the market size, market trends, growth trends, competitive
landscape, future outlook etc.
Helps in validating and strengthening the secondary research findings.
Further develops the Analysis Team’s expertise and market understanding.
Primary research involves e-mail correspondence, telephone interviews as well as face-to-face
interviews for each market, category, segment and sub-segment across geographies.
The participants who typically take part in such a process include, but are not limited to:
Industry participants: CEOs, VPs, business development managers, market intelligence
managers and national sales managers
Outside experts: investment bankers, valuation experts, research analysts and key opinion
leaders specializing in oil and gas markets.
11.1.4 Expert Panel Validation
GBI Research uses a panel of experts to cross verify research and forecast methodologies and
drive its analytical content.
The GBI Research expert panel comprises marketing managers, product specialists, international
sales managers from energy companies; academics and geologists from research universities,
consultants from venture capital funds and distributors/suppliers of oil and gas goods and services.
Details of the make up of the expert panel can be viewed through website, and are available to
clients on request.
11.2 Units of Measure
AAGR- Annual Average Growth Rate
BCM-Billion cubic meters
B/d-Barrels of oil per day
Bcf-Billion Cubic Feet
Mcf-Thousand cubic feet
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11. MMcf-Million Cubic Feet
MMbbls-Million Barrels of Oil
MMBTU- Million British thermal units
Tcf- Trillion cubic feet
MMTPA – Million Metric Tonnes per Annum
(1 MMTPA = 20081.55 B/d)
Mtoe – Million Tonnes Oil Equivalent
11.3 Contact Us
If you have any queries about this report or would like further information, please contact at the
below given telephone numbers or email address.
North America: +1 646 395 5460
Europe: +44 207 753 4299 (OR) +44 161 227 0669
Asia Pacific: +91 40 6616 6700
Email: info@gbiresearch.com
11.4 About GBI Research
GBI Research is a premium business information brand specializing in industry analysis.
This report was originally published as a GBI Research branded report and has been reproduced
with permission as part of the subscription offering provided by GBI Research at
www.gbiresearch.com.
11.5 Disclaimer
All Rights Reserved.
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any
form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior
permission of the publisher, GBI Research.
The facts of this report are believed to be correct at the time of publication but cannot be
guaranteed. Please note that the findings, conclusions and recommendations that GBI Research
delivers will be based on information gathered in good faith from both primary and secondary
sources, whose accuracy we are not always in a position to guarantee. As such GBI Research can
accept no liability whatever for actions taken based on any information that may subsequently
prove to be incorrect.
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