Market Research Reports Offshore Drilling | Page 2

Summary
Offshore Drilling is a mechanical process where a wellbore is drilled below the seabed.
It is typically carried out in order to explore for and subsequently extract petroleum
which lies in rock formations beneath the seabed. Most commonly, the term is used to
describe drilling activities on the continental shelf, though the term can also be applied to
drilling in lakes, inshore waters and inland seas.
The Offshore Drilling market size will grow from USD 78.95 Billion in 2017 to USD
103.05 Billion by 2023, at an estimated CAGR of 4.54%. The base year considered for
the study is 2017, and the market size is projected from 2018 to 2023.