According to a report by energy intelligence group Rystad Energy, the global oil and gas contractor market is expected to peak at $2025 trillion in one year and remain high for several years.
Rystad Energy said total oil and gas spending is expected to remain above $92 billion per year on average during the 2022-2028 period, helped by strong growth in the midstream portion of the sector's liquefied, transported and regasified natural gas.
the report points out that oilfield service providers should be able to balance the recession by expanding into other parts of the broader energy market and expand the overall target market for contractors, although oil and gas may have another downturn after 2025.
said the key to suppliers is to continue to pursue opportunities in geothermal energy, hydrogen energy, offshore wind power and carbon capture, utilization and storage (CCUS).
plus oilfield services, expansion to other regions can provide suppliers with a $2025 trillion market by 1 year. Rystad Energy believes that all service segments among oil and gas suppliers will grow in nominal value, with equipment and materials and the provision of operation and maintenance services as the target.
After's rebound in 2022, a turning point in post-pandemic recovery and record high and strong oil prices, Rystad claims that the industry is entering a very promising 2023, with oil and gas investment likely to grow by 13% and low-carbon investment by 10%.
Forwardernet.com