Offshoredrilling refers to a process that involves drilling a hole into the seabed foroil and gas exploration and production (E&P) purposes. As per the latest market research report published byTechnavio, the offshoredrilling market size will grow by over USD 38.53 billion during2019-2023.  Get the free sample reportbelow for the detailed information.

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The drilling process in offshore locations is costlierthan that of onshore locations. Offshore drilling projects need a longertimeline than onshore drilling projects. Additionally, most of the offshore oiland gas drilling contracts the last several years. Offshore drilling willrequire high investments due to the long timeline of offshore drilling and theadded risks. However, profitability rates of offshore drilling have beenimproving, and its demand remains high. 

According to the IEA, the costs of offshore oil andgas projects have been coming down from the last few years. After the fall inoil prices in 2014, many deepwater projects proposed were canceled or delayed, as theoil and gas industry shifted focus toward shorter cycle investments, includingshale. As the crude oil prices have started rising, more investments areexpected in offshore oil and gas projects. As the cost of offshore drillingprojects are coming down, more offshore projects are expected to begin, whichis expected to drive the growth of the global offshore drilling market at aCAGR of 8.53% during the forecast period. To know the complete and in-depth analysis andforecast of this market get the complete report by clicking the link below.

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