To stay ahead of the curve in a moderately competitive market, players are adopting various astute strategies in the global offshore drilling rigs market. For example, they are banking big time on latest technological progress to come up with more effective products that can achieve the task of creating holes in the earth subsurface to discover and extract oil. Then again, they are resorting to joint ventures and carefully-considered partnerships.
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Energy hungry countries compelled to rely on non-conventional sources is benefitting the global offshore drilling rigs market. Energy production, today, still largely relies on burning of fossil fuels that are mainly buried deep in the Earth’s crust, in rock formations, and deep in oceans. Almost one-third of the oil and gas produced across the world is sourced from offshore reserves. From the first oil rigs built in the late 1800s that could tap oil and gas reserves in shallow waters close to the coastline, the oil rigs that are used today are suitable for waters that are more than 7,500 feet deep and can be as much as 200 miles away from the nearest shore.
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Offshore oil production which was complicated at one time is increasingly becoming routine. At present, there are almost 900 large-scale oil and gas platforms that are used for the exploration of deep-water reserves.
As per the U.S. Energy Information Administration, in 2015, more than 27 million barrels of oil was produced offshore across 50 countries. The world’s largest offshore oil producing countries are Saudi Arabia, Brazil, Mexico, Norway, and the United States.
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