Prime Movers in the Oil and Gas Industry to Recover Lost Ground with the Development of New Fields, Finds Frost & Sullivan

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• Publié par: frost-sullivan
• Nombre de lectures: 7
• Langue: English

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Prime Movers in the Oil and Gas Industry to

Recover Lost Ground with the Development of

New Fields, Finds Frost & Sullivan

PR Newswire

MOUNTAIN VIEW, California, June 13, 2012

- Upstream investments in oil and gas soften the blows dealt by the

economic downturn

MOUNTAIN VIEW, California

,

June 13, 2012

/PRNewswire/ -- Major players in the

North American oil and gas market, which is characterized by instabilities, have

taken a hit over the last couple of years due to the economic decline and price

volatility. Furthermore, upstream companies look to these price fluctuations to

dictate increases and decreases in exploration and production activities.

New analysis from Frost & Sullivan's (http://www.energy.frost.com)

North

American Prime Movers Market in the Oil and Gas Industry

research

finds that total market revenues are anticipated to grow at a compound annual

growth rate (CAGR) of 2.5 percent from 2010 to 2017, to reach

$1.03 billion

.

The United States

accounts for nearly 82.4 percent of the equipment sold, and

Canada

maintains the remaining 17.6 percent.

If you are interested in more information on this research, please send an

email to Britni Myers, Corporate Communications, at [e-mail],

with your full name, company name, job title, telephone number, company

email address, company website, city, state and country.

As upstream companies' budgets shrink, investments in drilling and exploration

will be trimmed. However, since 2010, the stabilization of oil prices is gradually

enhancing upstream activities and thereby, improving prime movers' growth

rates to the levels experienced before the 2008 slump.

"Higher oil prices will encourage oil and gas companies to increase their

budgets for exploration and production," said a Frost & Sullivan research

analyst. "This will, in turn, result in technological advances and revenue

generation in the prime movers market."

New reserves exploration, tapping oil sands, and higher numbers of deep water

projects will shore up the market and compensate for the drying up of onshore

fields. Unconventional supplies such as natural gas, coal bed methane (CBM),

shale gas, and tar sands are expected to meet the current energy demand,

which cannot be satisfied by oil reserves alone.

"As the conventional reserves of oil are mature and experience a production

decline, unconventional reserves need to be explored," said the research

analyst. "The key targets include the natural gas reserves in

Alaska

and the

Rocky Mountains, oil sand projects in

Canada

, and technically complex

initiatives such as deepwater exploration for global producers."

North American Prime Movers Market in the Oil and Gas Industry

is

part of the

Energy & Power Systems

Growth Partnership Services program,

which also includes research in the following markets: Oil and Gas Industry–

Overview of Major Indicators (Quarter 3 2011); North American Electrical

Equipment Market for Oil and Gas; and Air Pollution in Oil and Gas Industry. All

research services included in subscriptions provide detailed market