OREANDA-NEWS. January 03, 2014. The China gas drilling market and oil drilling industry has been developing steadily through 2013. Greater investment by the industry, a favorable regulatory environment and rising international crude oil prices drove revenue growth of 6.5% annually over the past five years. In 2013, industry revenue is expected to grow 5.3% to USD 221.3 billion.

There are three major participants in the Oil and Gas Drilling industry: China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC) and China Petrochemical Corporation (Sinopec). Together, they are set to contribute 97.0% of industry revenue in 2013.

Over the five years, the crude oil mining segment of this industry is forecast to grow steadily, but the natural gas segment will grow significantly faster. Crude oil mining is well established in China and there is little chance for a new major development.

Meanwhile, natural gas mining is being driven by greater demand from consumers, businesses, the government and other industries. Nonetheless, crude oil will continue to account for the majority of industry revenue during the next five years. Over the next five years, industry revenue is forecast to rise an annualized 4.3%, to USD 272.5 billion in 2018.