DUBLIN, February 15, 2016 /PRNewswire/ —
A recent report published on Research and Markets has predicted the global offshore oil market and the global offshore gas market to grow at a CAGR of 2.7% and 1.9%, respectively, between 2015 and 2019. It notes that market players are investing huge amounts of funding to improve offshore oil and gas exploration technology. Royal Dutch Shell finalized their $53 million acquisition of British rival BG Group on Monday, as they look to focus on the rapidly growing LNG market and deep-water oil production.
A report on the global floating LNG market projected the market to grow at a CAGR of 15.2% over the same period of time. LNG exports are increasing to fulfill the increasing demand for energy. According to the report, the market will witness a significant increase in the number of new offshore floating LNG projects compared to other shale gas and related exploration projects.
The deal to purchase BG Group was first announced ten months ago, and sees Shell overtake Chevron to become the world’s second biggest public oil and gas company. Shell has said it will cut thousands of jobs and sell $30 billion of assets over the next three years to finance the deal.
Shell’s income dropped 87% in 2015, but expects the LNG market to grow rapidly in the coming years as the world turns to less polluting sources of energy.
The global oil and gas separator market is also expected to grow during this period, at a CAGR of 5.52%. The growing need for energy security positively affects market growth, as separators are necessary for oil and gas production. Vendors from various countries are using these new technologies to reduce their oil and gas processing costs and meet larger energy-security goals.
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1. Source: Reuters [http://www.reuters.com/article/us-bg-m-a-shell-idUSKCN0VO0YJ ]
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