The recent “Mexico Oil and Gas Upstream Market” report by Report Ocean gathers insights and assessments through genuine consultations with key stakeholders, including CEOs, Managers, Department Heads of Suppliers, Manufacturers, and Distributors. This comprehensive study aims to thoroughly examine the global industry, target market, competition, and various influencing factors.The report on the “Mexico Oil and Gas Upstream Market” conducts a data-driven quantitative analysis of the relevant industry. It utilizes research based on public records to identify significant patterns. Additionally, it provides predictions for the market sector’s growth between 2024 and 2032. The research primarily focuses on major global market manufacturers, analyzing sales volume, rates, competitive aspects, market share, and development strategies up to 2032.
Mexico Oil and Gas Upstream Market Analysis and Growth Forecast:
Mexico oil and gas upstream market is expected to grow at a CAGR of more than 1% during the forecast period. Sustained growth in the consumption of natural gas, petroleum, petrochemical products, foreign investments, and modern developments of oil and gas exploration and production activities are the major drivers for the oil and gas upstream sector in Mexico. However, the high volatility of oil prices is expected to hinder the market growth during the forecast period.
Key Companies Covered in the Mexico Oil and Gas Upstream Market Research are Chevron Corporation, Royal Dutch Shell Plc, Total SA, Repsol SA, and Premier Oil PLC and among other key market players.
Most of Mexico’s production is from the offshore fields, and therefore, the offshore segment is likely to dominate the market during the forecast period.
The innovation of new technologies allows unconventional drilling that enhances oil & gas production. New business models and services are rapidly evolving and assisting to reduce the cost of operations in upstream oil & gas, which in turn promoting the market growth is expected to provide opportunities in the market in the coming years.
Offshore Segment to Dominate the Market
Mexico has significant oil and gas reserves. In 2018, Mexico’s oil production was 1.8 million barrels per day. The potential hydrocarbon resources in the country are located in shallow water, deep water, and onshore fields. There are 183 blocks, made up of exploration of 109 blocks, extraction of 60 blocks, and Pemex farm-outs of 14 blocks, with total estimated prospective resources of 19,945 million barrels of oil equivalent (MMBOE).
In the offshore segment, most crude oil reserves are found in the Campeche basin (Gulf of Mexico). The deep-water area of the Gulf is home to significant undeveloped hydrocarbon resources. The oil production in the Gulf of Mexico has an average of 104,000 barrels per day added annually.
In 2019, Chevron Corp. has sanctioned the Anchor project in deep-water United States Gulf of Mexico. The planned facility has a design capacity of 75,000 barrels of crude oil and 28 million cubic feet of natural gas per day. The total potentially recoverable oil-equivalent resources for Anchor are estimated to exceed 440 million barrels.
Hence, offshore oilfields are expected to dominate the market during the forecast period.
Foreign Investments to Drive the Market
Mexico’s oil and gas market has generated a wave of foreign investment in the upstream sector. Committed investment in exploration and production in the country surpassed USD 161 billion in early 2018.
Foreign investments permit international energy companies to operate in Mexico and include provisions for competitive production sharing contracts and licenses to increase the demand for technology and technical expertise for the development of upstream deepwater and shale oil and gas fields.
Royal Dutch Shell Plc, Jaguar, Total SA, Eni, Sierra Oil and Gas, Sun God Energy, Repsol SA, Qatar Petroleum, and Premier Oil PLC have secured blocks to explore and produce oil and gas from shallow water, deep-water, onshore and unconventional resources. Notably, deep-water has received the most investment in 2018.
Australia’s BHP has started exploration drilling in Trion, the deep-water offshore block in the Gulf, in late 2018.
Hence, with an increase in foreign investments, the Mexico oil and gas upstream market is expected to be driven during the forecast period.
Competitive Landscape
Mexico oil and gas upstream market is moderately consolidated. Some of the key players in this market include Chevron Corporation, Royal Dutch Shell Plc, Total SA, Repsol SA, and Premier Oil PLC.
Market Synopsis: This section encapsulates the present market scenario and outlines the industry’s scope. It includes a comprehensive analysis of key segments such as product types, applications, and regions, with revenue and sales forecasts provided as part of this overview.
Competitive Landscape: Illuminating the market’s competitive terrain, this section presents an in-depth analysis of manufacturers, offering insights into individual players’ revenue and sales figures. Additionally, it encompasses noteworthy details on mergers, acquisitions, and industry investments.
Regional Analysis: Providing an overview of market revenue, sales, and shares across major regions and sub-regions, this segment also explores the pricing structure, sales growth rate, and other crucial estimations.
Company Profiles: This section provides strategic business insights about key firms operating within the market landscape. It covers product specifications, revenue shares, and portfolios of these major companies.
The Analysis Objectives of the Report are:
To determine the size of the Market by identifying its sub-segments.
To research the key players and analyze their growth strategies.
To assess the size and value of the Market based on key regions.
To analyze the Market in terms of growth trends, potential, and participation in the overall sector.
To investigate the Market size (volume and value) from the company, key regions/countries, goods and applications, and background data.
Primary Market manufacturers to specify, clarify, and analyze the product sales volume, value, market share, market rivalry landscape, SWOT analysis, and future development plans.
To investigate market competitive developments such as market expansions, agreements, new product launches, and acquisitions.
Source:taiwannews.com