Global Unconventional Gas Market to Witness Notable Growth Owing to the Technological Advancements in Drilling Sector, says Fortune Business Insights.

Posted on Nov 29 2021 1:04 PM

"Key Companies Covered in Unconventional Gas Market Research Report are Mobil, Petro China, British Petroleum, Royal Dutch Shell, Chevron, Total, Statoil, Equinor, Conoco Phillips, ENI, ONGC, China National Petroleum Corporation and ONGC."

 

The global unconventional gas market is likely to gain impetus from the ongoing development of drilling technology. According to a report by Fortune Business Insights, titled, “Unconventional Gas Market Size, Share and Global Trend by Type (Shale Gas, Tight Gas, Coal Bed Methane), by Application (Power Generation, Industrial, Commercial, Others), and Geography Forecast till 2028,” the sudden shift towards natural gas is projected to boost the global unconventional gas market growth during the forecast period. However, the production of unconventional gas requires a lot of water and the process also contaminates groundwater. These factors may obstruct the growth of the global unconventional gas market.

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Presence of Highest Number of Coal Reserves to Favors Growth in Asia Pacific

The global unconventional gas market is geographically segmented into Asia Pacific, North America, the Middle East and Africa, Asia Pacific, and Latin America. Amongst these regions, North America is currently leading the unconventional gas market. This is because the U.S. has emerged as one of the largest shale gas production zones. Additionally, technological advancements in operational flexibility, efficiency, and productivity in exploration and production (E&P) is developing profitable investment opportunities for investors. Russia, in Europe, has always been the dominant supplier in the natural gas market. Europe, on the other hand, has been witnessing a decline in the imports of natural gas. However, Fortune Business Insights anticipates that the region will grow significantly during the forecast period.

India and China in Asia Pacific are two of the leading nations owning the largest coal reserves share. This will eventually create a potential development for coalbed methane gas in the coming years. The government target in China specifies that coalbed methane gas and shale gas production are likely to grow at a rapid rate and would reflect approximately 50% of domestic natural gas production by 2030. Saudi Arabia has started investing huge sums on the development of shale gas in E&P sector. The region is currently seeking out for technical expertise from North America. The African countries have a huge potential to grow their domestic gas production in the forthcoming years. This is likely to aid the domestic LPG users in receiving a reliable and economical source of energy. The government has also been taking several initiatives to boost growth and increase development which are anticipated to propel the unconventional gas market in this region

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Shell, Jacobs, and Other Prominent Market Players Embrace Strategic Collaboration to Strengthen Position

Royal Dutch Shell, an oil and gas company based in the Netherlands, announced in April 2019 that it has entered in China’s shale oil sector. The company has signed an agreement with Sinopec, an oil and gas enterprise based in Beijing, headquartered in Beijing. It was done to study Dongying trough of Shengli to unlock the potentially massive unconventional gas resource. Jacob Engineering Group Inc., an international technical professional services firm, based in the U.S., received a contract from British Petroleum (BP), a multinational oil and gas company based in the U.K., in October 2018. The three-year contract was awarded so that Jacobs can support the ongoing expansion of wellsite facilities, pipeline exports, and gas gathering system. Moreover, the contract would allow Jacobs to provide engineering, procurement and construction management (EPCM) services for the Khazzan Project in the Sultanate of Oman. The first phase of Khazzan Project received first gas even before schedule. Earlier, in June 2018, ONGC, a multinational oil and gas company headquartered in Delhi, announced that it has sold coalbed methane gas to H N Roy, a private enterprise for approximately $5.77 per MMBtu.

Fortune Business Insights has profiled few of the leading market players operating in the global unconventional gas market. Some of them are Chevron, ONGC, Royal Dutch Shell, China National Petroleum Corporation, Exxon Mobil, Equinor, ENI, British Petroleum, Conoco Phillips, Petro China, ONGC, Total, Statoil, and others.

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