A notable rise in onshore and offshore exploration and production (E&P) activities in recent years and the discovery of numerous potential oil fields have created a significant need for oil pipeline infrastructure. These trends indicate substantial opportunities for pipeline manufacturers in the near future, with many regions looking to deploy new pipeline systems or refurbish and replace existing ones.
Enbridge, Kinder Morgan, TransCanada, PetroChina, Pembina, Petrobras, CNPC, Welspun Corporation, CRC Evans, Jindal Group, Bechtel, and National Oil Varco are some of the leading producers of oil pipeline systems.
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The lack of efficient pipeline infrastructure across Western Canada had become a central political as well as economic issue over the past few years. In order to address the shortage of pipeline space that has constrained local oil producers for years, three major pipeline deployment projects are anticipated to enter service by 2023. These include Enbridge’s expansion of its Line 3, TC Energy Corporation’s Keystone XL, and the expansion of the Trans Mountain line by the government of Canada.
According to a research report by Global Market Insights, Inc., global oil pipeline infrastructure market size is estimated to hit a massive valuation of more than US$135 billion by 2025. Let’s take a look at some of the most prominent trends augmenting the need for oil pipeline systems.
- Rapid increase in international oil trades
Rapid globalization and subsequently high international oil trade are among the major factors driving oil pipeline industry forecast. With increased E&P activities, many countries are focusing on the replacement of aging pipeline infrastructure and deployment of new systems. This can be mainly attributed to the introduction of strict regulatory standards pertaining to the quality and raw materials.
In developing economies, respective governments have been focusing on the establishment of reliable and efficient oil transport networks. An increased number of greenfield projects and substantial investments towards the upgradation of existing assets is expected to offer promising opportunities to local pipeline manufacturers.
- Major upcoming oil pipeline projects across Middle East
Middle East oil pipeline infrastructure industry is well poised to experience healthy growth on account of ongoing geopolitical uncertainties and rivalry among regional players to capture a larger share. Major oil producers including Iran and Qatar are looking to expanding their oil pipeline networks towards European nations to diversify from the Russian dominance.
Several major oil pipeline deployment projects are expected to begin operations by 2022, including the Naeen-Rey pipeline with a length of 420 kilometers and the Goureh-Jask pipeline with an estimated length of 1,100 kilometers. The presence of favorable trade policies and increasing production from subsea oil fields is likely to complement the regional outlook.
- Increased offshore funding in the U.S.
U.S. oil pipeline infrastructure industry had surpassed an overall installation of 450,000 kilometers in 2018. The regional government has invested significantly in the development of reliable infrastructure and upgradation of drilling technologies.
Numerous oil reserves were discovered across the U.S. in 2018 and majority of these oil fields were ultra-deep water fields. Additionally, most oil fields across North East U.S. and Texas including the Permian basin were expected to come into production during 2019. Substantial offshore funding by the regional government in order to increase rig count across the country will certainly foster the regional growth.
An increasing number of industry consolidations to gain access to foreign reserves will positively influence future oil pipeline infrastructure market trends. Industry players globally are bound to witness lucrative opportunities due to increased spending on upgradation and replacement projects.
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