Subsea Technologies for Oil and Gas Offshore Exploration and Production – Thematic Research
Subsea Market Overview
In the oil and gas industry, subsea deals with all the processes and technologies that are deployed below the sea surface. It primarily concerns the installation of equipment on the seabed to produce hydrocarbons. High capital costs are a major deterrent for deep water oil and gas projects. Exploration and production (E&P) in deep water areas slowed down in 2020 following the COVID-induced drop in energy demand. However, a resurgence in overall global demand amid the Russia-Ukraine conflict has propelled prices to over $100 in 2022. With regions such as the Europe Union looking to phase out Russian imports, the global crude oil supply will remain tight in the next two to three years and will support prices. One area of potential concern in upcoming oil and gas installations is the sustained rise of raw material prices, globally.
Subsea equipment manufacturers have been working to reduce the cost of machinery installed on the seabed for deep water production. Their efforts in streamlining material procurement, optimizing subsea architecture, and simplifying equipment installation have brought about an overall reduction in the complexity of subsea systems. Besides, engineering, procurement, and construction (EPC) contractors have managed to lower the project execution cycle time to further improve the viability of subsea developments. Decarbonizing offshore projects is extremely challenging due to limited access to clean energy sources. Subsea equipment typically runs on hydraulic power supplied via diesel generators installed on topside platforms.
The Subsea Technologies thematic intelligence report provides an overview of subsea as a theme within the offshore oil and gas industry, encompassing shallow water, deep water, and ultra-deep water terrains.
Key Subsea Technologies Trends
The main trends shaping the subsea technologies industry are classified into three categories: oil and gas sector trends, technology trends, and macroeconomic trends.
- Oil and Gas Sector Trends: The key oil and gas sector trends impacting subsea technologies are increasing deep water and ultra-deep water production, electrification in subsea, longer subsea tie-backs, subsea-to-shore, subsea processing, and subsea storage.
- Technology trends – The report focuses on key technology trends impacting the subsea technologies including VR and AR subsea, growing adoption of ROVs, predictive maintenance, and digital twin.
- Macroeconomic trends – The macroeconomic trends impacting subsea technologies are the Russia-Ukraine war and COVID-19.
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Subsea Technologies in Oil and Gas – Industry Analysis
Global offshore production was valued at 46.1 MMboed in 2021. From 2017 to 2021, Iran, Saudi Arabia, Qatar, Norway, Brazil, and the US led in terms of offshore production. During this period, shallow water explorations dominated overall offshore activities. The growth in deep water production can be mainly ascribed to the growing demand for oil and gas globally, as the countries are increasingly trying to reduce their reliance on Russian crude. This would encourage oil and gas companies to venture into less explored deep-water regions.
The Subsea Technologies in oil and gas market analysis also covers:
- Oil and gas production outlook across major subsea projects
- Company landscape
- Mergers and acquisitions
- Timeline
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Subsea Technologies in Oil and Gas - Value Chain Analysis
The oil and gas value chain represents a sequence of activities from exploration to the sale of hydrocarbons, all the way to end-users. The process includes upstream, midstream, and downstream sectors. Meanwhile, subsea involves the exploration, drilling, and development of oil and gas fields on the sea bed to produce and store hydrocarbons. Subsea systems are primarily designed for the upstream segment of the oil and gas value chain. These are installed on the ocean floor to support the extraction of hydrocarbons at an optimum flow. This has proven to be beneficial as it reduces capex and operational expenditure (opex) associated with offshore production and eliminates the need for fixed platforms.
GlobalData’s Subsea Technologies value chain in oil and gas industry is split into six segments: equipment, infrastructure, installation, inspection, intervention, and decommissioning.
Subsea Technologies Value Chain in Oil and Gas
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Leading Companies in Subsea Technologies in Oil and Gas
Some of the leading companies associated with subsea technologies in oil and gas are:
- BP
- Chevron
- Equinor
- ExxonMobil
- Petrobras
- Saudi Arabian Oil Company
- Shell
Sector Scorecard – Subsea Technologies Theme
At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecards have three screens: a company screen, a thematic screen, and a valuation screen.
- The thematic screen tells us who are the overall leaders in the 10 themes that matter most to their industry, generating a leading indicator of future performance.
- The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.
Sector Scorecard – Thematic Screen
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Subsea Technologies in Oil and Gas Overview
| Report Pages | 43 |
| Regions Covered | Global |
| Key Trends | Oil and Gas sector, Technology, and Macroeconomic |
| Value Chain | Equipment, Infrastructure, Installation, Inspection, Intervention, and Decommissioning |
| Subsea Technologies in Oil and Gas | BP, Chevron, Equinor, ExxonMobil, Petrobras, Saudi Arabian Oil Company, and Shell |
Scope
This report:
- Highlights the prevalent sectoral, technology, and macroeconomic trends impacting the subsea theme.
- Evaluates the offshore industry and tracks the key subsea developments and contracts across different regions.
- Provides a brief overview of the subsea value chain in the oil and gas industry context.
- Assesses competitive positions of the major companies, equipment and services providers in the subsea theme.
Reasons to Buy
- Understand the importance of subsea in the exploration and production of hydrocarbons.
- Identify trends and regional hotspots for the subsea theme
- Outlook for the global offshore oil and gas production against the backdrop of high oil prices.
- Identify and benchmark key oil and gas producers and contractors in the subsea theme.
Table of Contents
Frequently Asked Questions
The key oil and gas sector trends impacting subsea technologies are increasing deep water and ultra-deep water production, electrification in subsea, longer subsea tie-backs, subsea-to-shore, subsea processing, and subsea storage.
The report focuses on key technology trends impacting the subsea technologies including VR and AR in subsea, growing adoption of ROVs, predictive maintenance, and digital twin.
The macroeconomic trends impacting the subsea technologies are Russia-Ukraine war and COVID-19.
GlobalData’s Subsea Technologies value chain in oil and gas industry is split into six segments: equipment, infrastructure, installation, inspection, intervention, and decommissioning.
Some of the vendors making their mark within Subsea Technologies in oil and gas are BP, Chevron, Equinor, ExxonMobil, Petrobras, Saudi Arabian Oil Company, and Shell.
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