Oil and Gas Fishing Market is expected to reach US$ 4,355.06 Million by 2031

Government Initiatives in Oil and Gas Sector Boosts Oil and Gas Fishing Market Growth 

According to our latest market study on "Oil and Gas Fishing Market Size and Forecast (2025–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis—by Product and Application,” the market was valued at US$ 2,968.72 million in 2024 and is anticipated to reach US$ 4,355.06 million by 2031. The market is estimated to register a CAGR of 5.7% during 2025–2031. The report includes growth prospects in light of the current oil and gas fishing market trends and driving factors influencing the market.

Governments are playing a crucial role in encouraging investments in shale gas and offshore oil and gas exploration to meet growing energy demands and ensure energy security. These initiatives often involve substantial financial commitments, data acquisition programs, and policy support designed to stimulate upstream activities and attract private investment.

Oil and Gas Fishing Market Analysis – by Geography, 2024

Source: The Insight Partners Analysis

According to the Government of India, in July 2024, an investment of ~US$ 873 million (INR 7,500 crores) was made to acquire seismic data across both onshore and offshore regions. This initiative includes drilling stratigraphic wells to generate high-quality geological data of Indian sedimentary basins, which will be made available to potential bidders. By reducing exploration risk through better geological information, the government seeks to incentivize exploration and production companies to increase hydrocarbon output from domestic sources. Similarly, in Canada, Energy NL—the province’s energy industry association—released details of Budget 2025 highlighting a commitment of US$ 90 million over three years dedicated to offshore oil and gas exploration. CEO Charlene Johnson emphasized that this funding aims to support new offshore projects, enhance resource development, and maintain the region’s position as a competitive player in the global energy market. This financial backing helps attract investment and accelerates exploration in technically challenging offshore environments.

Such government initiatives are vital as they create a more favorable environment for upstream activities, which are critical for expanding production capacity. Increased drilling and exploration activity, driven by these programs, boosts the demand for specialized oilfield services, including fishing operations. Fishing services are essential for recovering lost or stuck equipment in wells, minimizing downtime, and maintaining operational efficiency, especially in complex onshore shale and offshore deepwater projects. Thus, government investments and policies in shale gas and offshore drilling are fueling the expansion of the oil and gas fishing market globally.

The scope of the oil and gas fishing market report focuses on North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Russia, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East and Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East and Africa), and South and Central America (Brazil, Argentina, and the Rest of South and Central America). In North America, the US held the largest oil and gas fishing market share in 2024. Based on information from the Council on Foreign Relations published in August 2022, the US stands as the leading producer of natural gas and oil. The nation meets 75% of its crude oil and 90% of natural gas demands through domestic production. According to the US Energy Information Administration data of March 2024, crude oil production averaged 12.9 million barrels per day (bpd) in 2023, surpassing the previous US and global record of 12.3 million bpd in 2019. In December 2023, the average monthly crude oil production in the US reached a monthly record of more than 13.3 million bpd. This robust increase in oil and gas production in the US fuels the demand for oil and gas fishing. Higher production volumes require expanded offshore exploration, maintenance, and support services. The oil and gas fishing sector provides these advantages. According to the Center for American Progress, in September 2023, after fuel extraction is complete, companies are legally required to seal oil and gas wells to prevent environmental contamination. However, certain firms evade the costly process of cleanup by abandoning these wells. This practice has led to a significant buildup over time, resulting in more than 3 million abandoned wells across the US. The growing number of abandoned and aging wells, especially in offshore environments, presents a substantial opportunity for the oil and gas fishing industry. As regulatory pressure increases to decommission or service these wells, the demand for specialized fishing operations—such as retrieving lost tools, clearing debris, and preparing wells for safe plugging—will rise significantly.

The market growth in North America is attributed to rising investments in exploration and production (E&P), aging wells requiring maintenance, and technological advancements in directional and horizontal drilling, which often lead to more complex wellbore environments. For example, both PEMEX and private oil companies operating in Mexico set a record for investments in migrated projects, associations, and blocks acquired through bidding rounds in 2023. PEMEX Exploration and Production invested US$ 2.684 billion, with a significant portion dedicated to the Ek-Balam field's migrated contract and projects secured in bidding rounds. This substantial investment fuels increased drilling activity and equipment demand, directly boosting growth in the oil and gas fishing market. In March 2025, an Alberta government panel led by a special adviser to Premier Danielle Smith suggested ways to deal with the rising cleanup costs for old and unproductive oil and gas wells. This initiative is expected to spur increased remediation and well-intervention activities.

Middle East and Africa (MEA) holds a prominent market share in 2024, and the region is a key driver of the global oil and gas fishing market due to its vast reserves, high fossil fuel output, and continuous exploration activities. With Middle East and North Africa (MENA) supplying ~50% of global oil exports and consuming large volumes for electricity generation, the sector remains highly active. The investment of more than US$ 130 billion, including US$ 70 billion in unconventional gas, is fueling upstream activity. As drilling complexity increases, the need for fishing services to retrieve equipment and maintain well integrity rises. Projects in Saudi Arabia and Aramco’s planned refinery investments in India further boost regional demand.

The oil and gas fishing market in Asia Pacific is experiencing strong growth owing to rising energy demand, expanding LNG, and increasing upstream activity. With LNG trade projected to reach 585 bcm by 2025 and demand expected to reach 700 million tons by 2040, countries such as China and India are expanding exploration and production efforts. Offshore drilling in regions such as the South China Sea and Bay of Bengal, along with refinery expansions across Southeast Asia, is creating a higher risk of downhole issues. This drives demand for fishing services, which are essential for equipment recovery, wellbore integrity, and maintaining efficient production operations.

Baker Hughes Co, SLB, Halliburton Co, NOV Inc, Weatherford International Plc, Archer Ltd, Superior Energy Services Inc, MB Petroleum Services LLC, SGS SA, and Yulin Machinery Corporation are among the key players profiled in the oil and gas fishing market report. Other major players were also studied and analyzed in the report to get a holistic view of the market and its ecosystem. The oil and gas fishing market forecast can help stakeholders plan their growth strategies. The analysis provides detailed market insights, which help the key players strategize their growth. 

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