The Asia-Pacific Offshore Drilling Market is expected to reach a market size of more than USD 25 Billion by 2029.

The Asia-Pacific offshore drilling market has been growing significantly owing to rapid industrialization, increasing energy demand, and improvements in drilling technologies. Countries such as Australia, Malaysia, and China will become important in the future concerning offshore exploration and production, exploiting coastal resources to satiate domestic and regional energy demand. Oil companies such as Woodside Energy and Santos, in Australia, apply the most modern and sophisticated techniques of offshore drilling in deepwater areas like Carnarvon and the Browse basins. State-of-the-art drillships and semi-submersible rigs are deployed with cutting-edge technologies for subsea exploration and production. Government initiatives in the APAC countries have a great bearing on the current offshore drilling landscape. Australia has an active authority? which surveils and controls any offshore drilling operations ubject to environmental and safety standards. On the other hand, Malaysia's national oil company, PETRONAS, collaborates with international partners in the development of certain fields offshore, lying in the South China Sea, applying new advanced drilling technologies. This will ensure maximum recovery of oil and gas. Directional drilling and hydraulic fracturing innovative drilling technologies have higher rates of adoption, mainly aimed at increasing the productivity of reservoirs and enhancing operational efficiency.? Countries like Singapore and South Korea are diversifying into renewable sources of energy and green technologies as much as they are doing for traditional hydrocarbon exploration.

The huge economic potential in the region and increasing energy demand are drivers of offshore drilling activity. Countries like China, India, and Australia are leading the charge. Growing deepwater and ultra-deepwater projects, along with technological innovation in drilling and production, has added to the requirement for advanced offshore drilling solutions that vendors must support for different organizations of varying sectors, sizes, and maturity levels. Some major players are already taking significant positions in the Asia-Pacific offshore drilling market. For example, Transocean is one of the biggest offshore drilling contractors worldwide, and in this region it is highly represented with modern drilling rigs and associated services. Seadrill is another leading company offering offshore drilling services to oil and gas companies across the Asia-Pacific region. Moreover, the market also has been developed by other firms such as Diamond Offshore and Ensco, which have returned to providing effective and scalable solutions to organizations of all sizes for offshore drilling. The other key driver for the offshore drilling market in Asia-Pacific is economic development. Economic growth in most countries of this region is sound, which consequently improves energy demand and attracts investment in the offshore drilling activity. Deepwater and ultra-deepwater drilling are growing at a steep rate in the Asia-Pacific region, hence, they present strong demand for advanced drilling technologies and related services.

link to the report: https://www.bonafideresearch.com/product/240639704/asia-pacific-offshore-drilling-rigs-market