Deepwater Hydrocarbon Exploration Market Size & Share, by Exploration Method (Geophysical Surveys, Remote Sensing, Wildcatting); Technology; Depth; Application - Global Supply & Demand Analysis, Growth Forecasts, Statistical Report 2025-2037

Deepwater Hydrocarbon Exploration Industry - Regional Scope

North America Market Forecast

North America deepwater hydrocarbon exploration market is anticipated to hold revenue share of over 46.8% by the end of 2037. This dominance is mainly driven by the strong presence of the leading companies, continuous advancements in drilling technologies, and high investments in oil & gas exploration activities. The rise in public-private investments and cross-border partnerships is also estimated to drive the sales of deepwater hydrocarbon exploration and drilling technologies in the coming years. The swift rise in oil demand is also necessitating the governments to focus on funding and implementation of supportive policies for offshore exploration.

The U.S. is witnessing high exports and imports of hydrocarbon gas and liquids owing to increased demand. The U.S. Energy Information Administration (EIA) states that the exports of hydrocarbon gas liquids in the country reached 2.4 million b/d in 2022, up from 70,000 b/d in 2007. The same source also estimates that most of the offshore energy production of the country is of oil and gas. Floating platforms are most popular in the country owing to their advanced infrastructure and efficiency. Oil and natural gas captured 15.0% of total U.S. crude oil production in 2022 in the Federal Offshore Gulf of America.

Similar to the U.S., the expanding production and commercial activities of offshore hydrocarbons are poised to fuel the overall deepwater hydrocarbon exploration market growth in Canada. For instance, the EIA study reveals that around 97.0% of the hydrocarbon gas liquids imports in the U.S. were from Canada in 2022. The Canadian Association of Petroleum Producers (CAPP) states that the offshore segment accounts for 4.0% of the total oil production in the country. Hibernia, Terra Nova, White Rose, Newfoundland and Labrador, and Hebron are leading the offshore landscape.

Asia Pacific Market Statistics

The Asia Pacific deepwater hydrocarbon exploration market is likely to expand at the fastest pace during the projected period. The robust rise in the energy demand driven by industrial and urban growth is primarily fueling the sales of deepwater hydrocarbons. The governments are investing heavily in offshore exploration to gain high revenues in the long term. The presence of potential economies such as China, India, Japan, and South Korea is set to uplift Asia Pacific position in the global landscape, owing to high hydrocarbon reserves.

The high-tech companies are set to drive innovations in the deepwater hydrocarbon drilling and exploration technologies in China. The industry giants are investing heavily in R&D activities to explore new deepwater hydrocarbon reserves. The giant China National Offshore Oil Corporation (CNOOC) discovered deepwater hydrocarbons in the Beibu Gulf of the South China Sea in March 2025. The well is anticipated to produce around 800 barrels of crude oil and 13.2 million cubic feet of natural gas per day.

In India, the supportive government policies are set to positively influence the hydrocarbon trade in the years ahead. The Ministry of Petroleum and Natural Gas states that to reduce the dependence on hydrocarbon imports by 10.0% in 2022, the Hydrocarbon Exploration and Licensing Policy (HELP) was introduced, which boosted the domestic production of oil & gas in the Indian sedimentary basin. Furthermore, the Directorate General of Hydrocarbons (DGH) estimates that the eastern offshore of the country contributed 1.46 MMT of the total oil production in 2023-24.