Offshore Oil and Gas Pipes, Fittings, and Flanges Market Size, Share, Growth by 2030

Advancements in the Offshore Oil and Gas Sector

• In October 2022, the Italian government revealed its strategy to double its gas production capacity, which includes the establishment of new offshore gas rigs throughout the nation. This initiative is expected to significantly boost the market for offshore oil and gas pipes, fittings, and flanges in Italy.


• In May 2023, China announced the completion of a new 12,000-ton offshore drilling rig. The country is intensifying its offshore drilling efforts to reduce reliance on oil and gas imports. For example, in June 2023, China declared its plans to drill deeper into offshore platforms to lessen its dependency on foreign oil and gas supplies.


• In July 2022, the Philippines disclosed plans to redevelop the Cadlao Oil Field, which has been in operation for 30 years, thereby enhancing the country?s offshore oil production capabilities in the near future.


• In May 2022, two joint operating companies in Vietnam, specifically the Hoang Long joint operating company, secured a jack-up drilling rig for their upcoming offshore development wells in the Cuu Long basin.


• In June 2023, Adnoc Drilling announced a significant US$ 220 million agreement to acquire two new jack-up rigs for its offshore drilling operations.


• In January 2023, Masirah Oil, a subsidiary of Singapore-based Rex International, completed an offshore drilling campaign in Block 50 in Oman.


• In October 2023, KCA Deutag, a prominent drilling, engineering, and technology partner, unveiled its first locally manufactured rig in Oman during a ceremony hosted by Petroleum Development Oman (PDO).


• In November 2023, Shell Egypt reported the successful completion of the first well in its three-well exploration initiative, Mina West, located in the North East El-Amriya block in the Mediterranean Sea.

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