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.