Industry News

Auction of Offshore Oil & Gas Reserve in the US Would Promulgate the Upstream Activity in Oil & Gas Sector

US: The US bureau of Ocean Management has decided to auction 23.8 million acres of offshore Texas for oil & gas exploration which is aimed at increasing the domestic production of oil & gas. The offshore reserve is expected to produce between 116 million to 200 million barrels of crude oil and 538 billion to 938 billion cubic feet of natural gas. The auction will be conducted on 24th of August 2016 and it includes reserves in western Gulf of Mexico.

TechSci Research finds out that with growth in oil & gas exploration activities, the market for oil and gas accumulators is set to expand in near future. The oil & gas accumulators are used for energy storage, absorbing shocks, maintaining pressure and distributing fluids under pressure, pulsation dampening. The most common accumulators used in oil & gas industry are bladder type, piston type and diaphragm type accumulators.

According to the recent released report by TechSci Research “United States Oil and Gas Accumulator Market Forecast and Opportunities, 2020 Forecast & Opportunities, 2020”, the market for oil & gas accumulator in the US would grow at a CAGR of 6% between 2015 and 2020. The upsurge in oil and gas upstream activity would lead to huge upsurge in the market for oil & gas accumulator in the US. The piston type accumulator is widely used in deep water drilling activity on account of its high pressure handling capabilities. 

Relevant News