$284.1bn
$XX.Xbn
1m
185
$XX.Xbn
Revenue for the Oil and Gas Drilling industry in China is expected to increase 12.6% annually over the five years through 2023, but year-on-year growth is volatile. Growth in China's economy has been slowing down, which has led to a decline in the domestic crude oil price. As a result, revenue was fluctuated in the five-year period and has had varied growth since, with an estimated 5.6% increase in 2023 to $284.1 billion. Inflation and COVID-19 have increased industry volatility over the past five years. Profit margins have recovered to 18.2% in 2023.There are three major participants in the Oil and Gas Drilling industry: China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC) and China Petrochemical Corporation (Sinopec). Together, they are set to contribute 87.8% of industry revenue in 2023.Over the next five years, industry revenue is forecast to grow at an annualized rate of 4.7% to $357.0 billion in 2028. The crude oil mining segment of this industry is forecast to grow steadily, but the much smaller natural gas segment will grow significantly faster. Crude oil mining is well established in China and the likelihood of a major new development is low. Meanwhile, natural gas mining is being driven by greater demand from consumers, businesses, the government and other industries.In the future development of drilling technology of international petroleum group, it shows the development trend of intelligence, information and automation, especially the development of intelligence, gradually become the leader of oil drilling technology.
Industry revenue has grown at a CAGR of 12.6 % over the past five years, to reach an estimated $284.1bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($short_0)
2023 |
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There are no companies that hold a large enough market share in the Oil & Gas Drilling in China industry for IBISWorld to include in this product.
Industry revenue is measured across several distinct product and services lines, including Crude oil, Natural gas and Other. Crude oil is the largest segment of the Oil & Gas Drilling in China.
Crude oil
The Oil and Gas Drilling industry operates oil and gas fields. Activities include the exploration for crude oil and natural gas; drilling, completing and equipping wells; and other activities to make crude oil and natural gas marketable, to the point of shipment from the producing property. This industry also includes mining and extracting oil from oil shale and oil sands, and the production of liquid hydrocarbons and natural gas.
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Multiple factors are driving industry growth. Increased industry investment, a favorable regulatory environment and changes in international crude oil prices contributed to t...
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Crude oil is the largest product in the industry. China mainly imports crude oil from the Middle East and Russia.
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Heilongjiang province has its own large oil fields. Production is declining because the fields are old.
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Competition will increase. The top three are all state-owned enterprises, and the level of competition in the sector will increase in the future as China moderately opens up ...
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Business to intelligent transformation. The industry promotes digital transformation, new digital technologies and integration and innovation of energy and chemical business.
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The price of crude oil matters most to the industry. World crude oil prices have fluctuated significantly in the past five years, which has had a significant impact on corpor...
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Rising prices of raw materials hurt profits. Affected by the COVID-19 epidemic and inflation, the price of raw materials has risen, which has a great impact on industry profi...
Including values and annual change:
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Key data sources in China include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
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The market size of the Oil & Gas Drilling industry in China is $284.1bn in 2024.
There are 185 businesses in the Oil & Gas Drilling industry in China, which has grown at a CAGR of 1.1 % between 2019 and 2024.
The market size of the Oil & Gas Drilling industry in China has been growing at a CAGR of 12.6 % between 2019 and 2024.
Over the next five years, the Oil & Gas Drilling industry in China is expected to grow.
Crude oil and Natural gas are part of the Oil & Gas Drilling industry.
The level of competition is low and increasing in the Oil & Gas Drilling industry in China.