Industry News

Energy Information Administration (EIA): Oil Companies in US opting for self-finance

United States: According to Energy Information Administration (EIA), the oil companies in onshore crude oil production have shown strong financial results accompanied by low capital expenditure in the first quarter of 2016. This has helped the oil companies to finance their development plans through internal financing. The price of Brent crude increased to USD45/bbl which has helped the oil companies to cop up with declining revenue due to declining oil production.

TechSci Research depicts that the improvement in financial conditions of the US oil companies as result of lower capital expenditure would support their expansion plans and help them to increase the oil production. It would motivate the companies to explore more on shore wells thus increasing the demand for United states oil and gas accumulator market which widely used in the oil and gas rigs.

According to a recently released report of TechSci Research, United States Oil & Gas Accumulator Market Forecast & Opportunities, 2020”, the oil & gas accumulators market in the United States is projected to grow at a CAGR of over 6% during 2015-20.The BOP application segment accounts for the largest market share of the US oil & gas accumulator market. Bladder type accumulator is the most commonly used accumulator in United States. However, with increasing deep water drilling activities, the demand for piston type accumulators is also anticipated to increase in the coming years, on account of its high pressure handling capabilities. 

Relevant News