The Petroleum Exploration industry plays a key role in forming the future of oil and gas production. Its activities uncover the oil and gas reserves that underpin developments in the Oil and Gas Production industry. Spending on petroleum exploration is expected to grow by about 8.1% in 2012-13 to reach $3.56 billion. However, spending is expected to be below the $3.61 billion recorded in 2007-08, a year in which oil prices surged. Overall, exploration spending is estimated to have eased by 0.3% per year over the five years through 2012-13. Oil and gas prices were extremely volatile during that period.
Firms in this industry explore for crude petroleum and natural gas. Typically, these firms are oil and gas producers seeking to expand their reserves. The industry does not include firms undertaking exploration on a fee or contract basis for other companies or firms providing exploration services.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.