Expansion in Offshore Oil Drilling in United States

Production from U.S. Atlantic and Arctic waters to surge requirement for subsea umbilical, risers and flowlines in North America

United States: The president of United States of America, Mr. Donald Trump is in the process to sanction an executive order which will be aimed at providing rights to E&P companies to drill for oil and natural gas in Atlantic and Arctic waters in United States. The executive order from the president’s desk will help United States to surge its offshore oil & natural gas production from Atlantic and Arctic regions apart from Gulf of Mexico and is set to benefit several global E&P players like Royal Dutch Shell, Chevron Corp., Exxon Mobil Corp. and Statoil. The region is expected to contain 27 billion barrels of crude oil and 132 trillion cubic feet of natural gas.

TechSci Research depicts that such contracts in oil & gas offshore domain in the country will surge employment in petroleum sector even at such low crude oil prices. The projects in the country will be beneficial to the global oil and gas offshore market and will serve as a driver for work force increment. This will lead to an increased requirement of subsea umbilicals, risers and flowlines in the country.

According to released report of TechSci Research “Global Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market, By Component, By Application, By Region, Competition Forecast and Opportunities, 2011-2021”, the global market for oil & gas SURF is projected to grow at a CAGR of over 12% during 2016-2021. Flowlines dominated global oil & gas SURF market, on account of rising production from offshore fields, which require flowlines to be installed to bring the produced oil and gas from the seabed to the surface processing facility.