Oil and Gas Security and Service Market – Opportunities, Challenges, Strategies & Forecasts 2025

Posted November 17, 2020 by marketsnmarkets39

Oil & gas security market size, share, analysis, trends & forecasts. The global market for Oil & gas security categorized by component, services, security type, operation & by region
Coal has been the primary source of India’s energy demand for more than a century accounting for almost 43% of the country’s primary energy mix. However, it is apparent that coal is not the long-term answer to the country’s ever increasing energy demand. The twin power blackouts during late July 2012 (the peak summer demand) period threw more than 300 million people into darkness across the states in northern India, including the capital city New Delhi, that created chaos, disrupted railways, hospitals and other emergency services. This was a grim reminder of the huge supply shortfall, the country is facing. Coupled with increasing environmental issues associated with coal based power plants and the declining domestic reserves, it is high time that the people of the country have to think about other cleaner and economically competitive alternatives.

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Managed services to account for the highest market share during the forecast period

Rising levels of cyber-attacks and terrorist activities have made it difficult for most of the oil and gas companies to manage the security of their infrastructure. Thus, it empowers the oil and gas companies to implement managed security services. These managed services provide end-to-end security solutions which include managed threat monitoring and vulnerability assessment, managed network security services, and SCADA security. Moreover, managed services help organizations to focus more on their core objectives of the oil and gas business.

Midstream segment to grow at a higher CAGR during the forecast period

The midstream operation segment in the oil and gas sector includes shipping and storage of oil retrieved from the upstream sector. Logistics and transportation are the main facets of the midstream operation. The midstream segment generates a humungous amount of data through pipelines and other storage facilities. Supervisory Control and Data Acquisition (SCADA) system play a key role in digitizing and streamlining the midstream sector. Moreover, midstream operators use SCADA system to monitor and manage all field instruments utilized across the entire oil or gas flow in the pipes. Thus, the target of hackers are the SCADA systems, which are directly connected to the control networks that govern mission-critical oil and gas processes. To prevent these systems, many oil and gas companies are updating and boosting their cybersecurity capabilities.

A Highly Promising Start, But Unmet Expectations

Back in 2002, when Reliance Industries’ made a giant discovery of 14 trillion cubic feet (tcf) of natural gas in the KG-D6 block of Krishna Godavari basin, the country boasted of it’s path towards gas ambitions. However, things have not played out as expected. Gas output from the block has fallen to 48.13 million metric standard cubic meters per day (mmscmd)during 2010-11 against the approved production of 53.40 mmscmd; during 2011-12, it came down to 35.33 mmscmd, against 61.88 mmscmdand is expected to decline further. It’s under these circumstances that the government of India has decided to raise gas prices to attract higher upstream investments, resulting in higher domestic natural gas output and the reduction or even elimination of India’s import dependence on even costlier liquefied natural gas (LNG), thereby bettering the country’s fiscal stability and energy security. Unfortunately, the government’s argument is a matter of dispute because of various reasons.

The New Exploration Licensing Policy (NELP), which started in 1998 with an aim to attract foreign investment in the oil sector, has failed to attract large multinational oil companies such as Chevron, Exxon Mobil, Shell and the likes. The only major investment made by any foreign player was BP which had bought 30% stake in 21 blocks of Reliance Industries for $7.2 billion in 2011. However, the blocks were relinquished as they were not promising. Coupled with inconsistency in implementation of the production sharing contracts, royalty and pricing issues, the government of India is struggling to find foreign investors.

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Issued By Ashish
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Categories Technology
Tags oil and gas security and service market
Last Updated November 17, 2020