Oil and Gas Security Market to Grow Significantly by 2028

The Oil and Gas security market is expected to witness massive growth from 2021 to 2028. Initially valued at US$25.73 billion in 2020. The market is bound to be valued at US$39.45 billion by 2028, with a growing CAGR of 5.5% from 2021 to 2028. 

According to Verified Market Research, there has been a gradual momentum in cybersecurity, screening and detection, surveillance, security services and perimeter security over the years. However, research indicates that the market will witness a considerable upsurge during the forecasted period as there is a growing demand for exploration and drilling, transportation, pipelines, distribution and retail services, among key players. 

Mexican oil exploration is picking up pace due to increased discoveries since 2022. An increase of 37.5% was noticed in 2022, as eleven new oil discoveries were made during the first six months of the year, compared to the same period in 2021. PEMEX alone was responsible for six discoveries, while the private sector uncovered five oil fields in 2022, including DS Servicios Petroleros, Eni Mexico, Lukoil, Operadora Bloque 12 and Pantera.

Oil and gas volumes rose significantly in the first half of 2022. Private sector players estimated the discovery of 214Mb of oil and 258Bcf of gas, which is more than four times the amount of oil and 48% more gas discovered in the same period in 2021. 

According to World Oil, CNH expects state company PEMEX and private operators to increase their drilling during the first half of 2023, an increase of 8.7% in 2023 is anticipated with offshore drilling expected to rise by 4.6%

PEMEX is targeting a 20% increase in natural gas production in 2023, with a target average production of 4.67Bcf/d. This growth is expected to come from new fields such as Quesqui and Ixachi, according to PEMEX’s 2023-2027 business plan.

Fernando Thompson, Chairman, TBsek, told MBN that the companies that are at the highest risk of facing cybersecurity threats are PEMEX, Condusef, SAT, Banxico, the Ministry of Public Administration, ISSSTE, the National Insurance and Finance Commission, Yo te Presto, Gentera, Universidad Panamericana, Maseca, CI Banco, Banco Base, Clip and Bitso, among thousands of others. “It is expected that cybercrime will cost the world US$10.5 billion a year by 2025, which is an exponentially disturbing figure… hence the recommendation to hire the services of companies that offer cybersecurity products and services.”