oilfield services industry
Hence, the growing investment scenario in the offshore sector is spurring the demand for OFS, in turn, aiding the market. The companies engaged in the business offer services related to manufacturing, maintenance, and equipment repair used in oil extraction and transportation. Remarkable job and great efforts by your research team. Meeting 2013, Davos-Klosters, Switzerland 23-26 January 2013 26oundtable on the Changing R Energy Landscape, Calgary, Canada 15-16 November 2012 30. ontact InformationC The market research report provides an elaborative analysis of the global market research, dynamics, and competitive landscape. It includes those companies that discover pockets of oil, energy data management, drilling companies, well construction companies, and production and completion services. Volatility in Crude Oil Prices to Hinder Market Growth. The oilfield equipment and services (or OFS) industry refers to all products and services associated with the oil and gas exploration and production process, or the upstream energy industry. I've served as a consultant to the energy industry in North America, Asia and Africa. Oilfield service (OFS) plays a crucial role in the upstream service of the oil & gas industry, predominantly in offshore assets. In February 2019, Repsol, a global energy company, had announced the largest gas discovery in Indonesia, which holds an estimation of over 2 trillion cubic feet (TCF) of recoverable resources. Read more about offshore drilling in Market Realist’s Offshore Drilling Unveiled: Your Quintessential Investor’s Primer. It includes services such as locating energy sources, energy data management, drilling and formation evaluation, well construction, and production and completion services. The report was very accurate and as per my requirements. This drill bit uses automation to mitigate down-hole dysfunctions and improve drilling operations. Let’s start with US crude oil production and the relation of its price to the OFS industry. Hence, it is projected to hamper the long-term impact in the oil & gas industry during the forecasted period. Which is the leading segment in the market? increased productivity, corrosion protection; unrivalled safety and environmental performance. EV Roustabout Services are well trained safety obsessed individuals waiting for the call. Fortune Business Insights says that the global oilfield services market size was USD 267.82 billion in 2019 and is projected to reach USD 346.45 billion by 2027. The global oilfield services market size was valued at USD 103.26 billion in 2016. Potassium Formate brine is used as an alternative to the more traditional fluids used in high density drilling and completion fluids. ... Tubular running, fishing services and rental of Down Hole Drilling tools ; ... SK Oilfield Equipment Co. Pvt. The completion and workover segment is estimated to grow in the forecast period due to the wide scope of application of hydraulic fracturing services and wireline logging services in the oilfield. All rights reserved. Hence, the growing number of offshore discoveries is promoting the development of the market. Factors such as rising investments in the oil & gas industry, and rising demand for natural gas are expected to be the major drivers for the oilfield services market in ⦠The companies mentioned here are components of the VanEck Vectors Oil Services ETF (OIH), an ETF tracking an index of 25 OFS companies. Oilfield services are various oil related operations, such as exploration, drilling, stimulation, completion, intervention, and production, for the entire life cycle of well exploration. 4 Trends Defining Oilfield Services Industryâs Future. Which region held the highest share in the market? The drilling segment is estimated to hold the second-largest market share owing to an increase in offshore well drilling to explore, extract, store, and process petroleum and natural gas. 4 Jeview of the UK oilÔeld services industry January 2019 Overview Global trends The global OFS sector is emerging from a period of considerable pressure. This is projected to lead to the healthy growth of the market by 2027. The oilfield equipment and services (or OFS) industry refers to all products and services associated with the oil and gas exploration and production process, ⦠We have become industry leaders by working closely with customers and using our expertise to make you more efficient. Oilfield services companies tend to be valued based on where the economy is in terms of the business cycle. Reducing the cost of oilfield services and increasing the production output are the key factors attributed to the growth of the global market. We use cookies to enhance your experience. In 2019, the North America market value stood at USD 101.97 billion. Various oil & gas companies worldwide had to shut down their exploration projects and services as countries approached lockdown to deal with the pandemic. Oilfields Services Leader. North America dominated the market share in 2019. Coming off the bottom, cash flow is often used to value these stocks. By continuing to visit this site you agree to our use of cookies . Increasing Investment in Offshore Sector to Boost Market Growth. We consider our Roustabouts the best in the business. How much is the oilfield services market worth? Request a Free sample to learn more about this report. While some OFS companies such as Schlumberger (SLB) and Halliburton (HAL) have shifted their services to more technology-based support, others such as Helmerich & Payne (HP) continue to focus on legacy services, including rigs and equipment manufacturing and drilling services and products. EV is a Midland based Oil Field Services Company providing a variety of Products & Services to the Oil & Gas Industry. We are the new Jules Oilfield Services Ltd. Our experienced operators have been trained to diagnose any issue and resolve it quickly. In this series, we’ll discuss various industry indicators affecting the OFS industry, major OFS players in the United States, and some recent issues in the industry. However, other members of the OPEC countries have established a more flexible business model and better market opportunities for B2B and B2C customers. Oilfield services include a number of activities ranging from finding to extracting oil or gas. Various key insights presented in the report are the latest technology, recent industry developments, mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key retail oilfield services market trends, competitive landscape, and company profiles of major players. North America is projected to hold the largest market shares in the global market, which is further followed by the Asia Pacific and Europe, respectively. To meet the continuing growth in demand for energy, the oilfield services sector is becoming more focused on the development of technology to exploit challenging reservoirs, and accessing deeper and more remote basins. These gases, which are trapped in a shale formation, cannot flow into the well due to its low permeability. Looking forward to work together in the future”, “It has been a delightful experience working with you guys. Oilfield service (OFS) plays a crucial role in the upstream service of the oil & gas industry, predominantly in offshore assets. How to Invest in Perch Credit—Jay-Z Funds His Latest Venture, The Parent of All Parents: Here's What Berkshire Hathaway Actually Does, Super League Gaming (SLGG) Stock Has a Risky Forecast, Offshore Drilling Unveiled: Your Quintessential Investor’s Primer. Drilling rigs are used to dig into the earth’s subsurface to extract hydrocarbons, primarily crude oil and natural gas. The services considered for successful field operations include locating energy sources, drilling and formation evaluation, energy data management, geological sciences, and many others. To gauge how the industry has been trending, we’ll also compare major OFS companies based on fundamental metrics and share price movements. The oilfield services industry, which includes oil and gas field services in the United States, was worth an estimated $63 billion in 2017. Transocean (RIG) and Ensco (ESV) are two of the largest rig contractors. UK Oilfield Services Industry Overview. Moreover, 23 oil and gas discoveries were made in Q2 2020 across the globe. The oilfield services industry moves to an agile and adaptive future. © Copyright 2021 Market Realist. We are focused on water transfer for hydraulic fracture operations and we also provide heavy haul services for oil and gas extraction, forestry, pipeline and paving. The Global Oilfield Services Market Research Report â Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 by DecisonDatabases.com. Cash flow is a more stable measure than profits, which might be spotty during the early stages of an upturn. The market for oilfield services in the Middle-East is expected to grow at a CAGR of more than 3.5% during the forecast period of 2020 â 2025. Other prominent countries engaged in the market across the region are Oman, Algeria, Qatar, and Nigeria. These gases which are trapped in shale formation cannot readily flow into the well, owing to the low permeability of these shale formations. Rigs can be land-based (or onshore) or marine-based structures (or offshore). The data offered to us was exactly what we were looking for. Upstream, or exploration and production (E&P) companies, find ⦠In March 2017, Baker Hughes had introduced a new adaptive drill bit called the TerrAdapt. (AOS) is a leader in providing environmentally stringent, safe and sound services to the oil and gas industry within the Marcellus South and Utica Shale plays in Ohio, West Virginia and Southwestern Pennsylvania. Oilfield Services Market | Industry Analysis. With operations currently based out of North Dakota & Wyoming, Rally Oilfield Services Inc's mission is to serve our clients with a fleet of modern equipment and highly skilled industry professionals. Thus, volatility in crude oil prices is anticipated to hamper the market growth. People may receive compensation for some links to products and services on this website. Our unique, continuously updated analysis simplifies the complexity of financial data and a subscription gives you a clear insight into the health, value and prospects of the 293 leading UK Oilfield Services companies , and how they sit in the overall market. Increasing Production & Exploration Activities in Oil & Gas Industry to Favor Market Growth. Looking forward to work together on similar projects”, “We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The oil production from the offshore sector is projected to be the fastest-growing segment during the forecast period, owing to increasing investment in the subsea oil & gas industry and growing energy demand. In Norway, the operating cost of an oil well has reduced by 30% from 2014 to 2017, which results in the cost incurred for drilling an exploratory well offshore was half in 2017 compared to 2014. Appalachian Oilfield Services, L.L.C. Which are the top companies in the market? PDO, Oxy, OQ, Daleel Petroleum, Oman LNG and many others. Officially, oilfield equipment and services (OFS) is all the products and services that help with oil and gas exploration and production. The trend is anticipated to remain the same during the projected period, with significant activities expected to happen in offshore assets in the Gulf of Mexico and the North Sea, which drives the demand for oilfield services. The production segment is anticipated to be the leading segment in this market during the forecast period. Growing at a CAGR of 6.6%, the market will exhibit steady growth in the forecast period (2020-2027). I am CEO of Canary, one of the largest privately-owned oilfield services companies in the United States. The market is consolidated owing to the strong portfolio of services and a remarkable distribution network of major companies in developed and emerging countries. They are the backbone of the Oil and Gas Industry. Our products & services are designed to increase efficiency and minimize cost ⦠Shale gas is another form of natural gas which are trapped within shale formations. The oilfield equipment and services include all products and services used for the production and exploration process in the upstream sector. In January 2017, Schlumberger limited had completed the acquisition of Peak Well System, which is a specialist in the design and development of advanced downhole tools for flow control, well intervention, and well integrity. Increasing shale gas extraction from hydraulic fracturing and other stimulation procedures are also projected to fuel the demand for such services. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. The onshore location requires more reliable and flexible equipment and services, which boosts the demand for this market. Monsoonâs greatest asset and strength is our people, that bring with them, years of valuable knowledge in the oilfield industry. This is a very good piece of work and will be very helpful to us going forward. This fluctuation disrupts the market demand significantly, besides intensifying competition between the U.S., OPEC countries, and non-OPEC countries. Various oil field service providers are investing deeply in offshore assets to increase their well productivity, reservoir performance, and overall life cycle of the well. The comprehensive value chain analysis of the market will assist in attaining better product differentiation, along with detailed understanding of the core competency of each activity involved. The key services covered under this segment are water treatment, oil treatment, gas treatment, solid treatment, and other services. Weir Oil and Gas (Glasgow, United Kingdom), National Oilwell Varco (Texas, United States), AlMansoori Specialized Engineering (Abu Dhabi, UAE), Abu Dhabi Oilfield Services (Abu Dhabi, UAE), Superior Oilfield Services LLC (Abu Dhabi, UAE), National Arabian Petroleum Services Company (Dammam, Saudi Arabia), China Oilfield Services Ltd. (Beijing, China), Petroleum Dynamics Oil and Gas (East Ahmadi, Kuwait), SPECIAL OILFIELD SERVICES CO. L.L.C. At what CAGR is the market projected to grow in the forecast period (2020-2027)? The oilfield services and equipment (âOFSâ) industry is a large, highly-competitive industry that provides services and goods to oil and gas exploration and production (âE&Pâ) companies. In addition, this trade war has raised economic conflicts, resulting in a massive price drop and disruption of the supply chain, which hampered the investment scenario, production cuts, and mostly the demand. COVID-19 Impact: Significant Downfall in Oil & Gas Industry. From 2012-2017, the industry experienced steep declines, losing an average of 13.6% each year. The analytical services segment is estimated to grow owing to a wide range of applications in real-time analytics, software solutions, monitoring services, routine quality control, and sample analysis, among other services, which helps to increase the production output from the existing field. For instance, Alaska in the U.S., Golan Heights in Israel, Alpine high in West Texas, oil discoveries in the Stabroek block Tilapia, Yellowtail (oil), and Haimara (gas-condensate), an offshore gas discovery with the Lang Lebah-1RDR2 exploration well and among other discoveries. FMC Technologies (FTI) and Oil States International (OIS) are predominantly offshore OFS companies. The offshore segment is expected to be the fastest-growing segment during the forecast period, owing to growing investment in subsea oil & gas assets. The global oilfield services market size was USD 267.82 billion in 2019 and is projected to reach USD 346.45 billion by 2027, exhibiting a CAGR of 6.6% during the forecast period. Shale gases are natural gases which are trapped in shale formations. Our collaborative service offering supports our clients operations both Upstream and Downstream. In addition, the range of customized packages offered by major upstream service companies results in cost savings up to millions for the operators. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”, “Please pass on our sincere thanks to the whole team at Fortune Business Insights. Various types of oilfield services are covered under this segment, namely, artificial lift system, floating production vessels, support vessels, well testing services, subsea equipment, Christmas tree, enhanced oil recovery, digital oilfield, and other production services. However, advancements in technology such as directional drilling and hydraulic fracturing technology have helped increase shale gas production from such critical reservoirs. the upstream sector of the energy industry. Given current market conditions, capital needs, and relative costs of capital among small- and mid- cap players, the oilfield services industry is ripe for consolidation. In the list, notable subsidiary companies and divisions are listed as sub-lists of their current parent companies. The geophysical segment is projected to grow owing to its efficient technologies and solutions in petroleum field development and oil and gas transportation. The Russia-Saudi oil price war owing to COVID-19 has become an obstacle, resulting in slashed production output and financial loss. Increasing shale gas extraction and growing production and exploration activities are key factors driving the growth of the market. Pandemic Worries: The highly contagious U.K. variant of coronavirus is spreading rapidly ⦠From well heads, to oil tanks, to pipeline maintenance; EV roustabouts maintain all things Oilfield & Gas related. Europe is also estimated to hold a larger portion of market share and is projected to increase in the forecasted period. It includes seismic testing, transport services, directional services for horizontal drillers, and production and completion services, “We are happy with the professionalism of your in-house research team as well as the quality of your research reports. As per Energy Information Administration (EIA) 2020, In the 2nd quarter of 2020, China and Brazil are leading with each having 3 new oil & gas discoveries, followed by Egypt, Norway, U.S., and Mexico, with each having 2 discoveries. The field operation segment is increasing its market share due to a wide number of services deployed on the field for executing the project. AROS encompasses a wide range of technical disciplines on a commercially attractive basis. Rigs consist of a set of equipment that can perform a variety of services, including sampling subsurface mineral deposits, testing the physical properties of rock, soil, and groundwater, and tunneling and drilling. Finally, expected future earnings are more heavily relied up⦠The oilfield services industry includes all services associated with the exploration and production of oil and gas. SOS is among the most trusted Oil and Gas companies in Oman, approved by the major Oil & Gas end users viz. All Rights Reserved. The report covered all the points and was very detailed. Other significant services analyzed under this segment are well intervention, completion fluid, sand control, and mud logging. What was the value of the market in North America in 2019? The higher price of oil results in delays in the upcoming projects and investments, which suspends the drilling projects resulting in a downfall in the oilfield services. This is a list of oilfield service companies â notable companies that provide services to the petroleum exploration and production industry but do not typically produce petroleum. With our head office in Lacombe, AB we currently provide services in western Canada, US and international markets. It looks quite comprehensive and the data is exactly what I was looking for. For instance, in July 2019, i3 Energy PLC awarded an oilfield service contract to Baker Hughes GE to carry out drilling at Liberator and Serenity assets in the North Sea. Oilfield services (OFS) companies seem to have largely borne the brunt of the 2014 oil price crash. We value them as a research company worthy of building long-term relationships.”, “Well done Fortune Business Insights! What is the importance of oilfield services in industries? Hence, increasing production and exploration activities in the oil & gas industry is projected and expected to drive market growth in the forthcoming years. Quarterly Oilfield Services Sector Review - 1Q 2019. Very satisfied with the overall report as it has helped me to build strategies for my business”, “This is regarding the recent report I bought from Fortune Business insights. The country is planning to escalate its production up to 30 bcm/per year by 2020, and 80-100 bcm/per year by 2030, with the help of advanced tools for drilling and techniques adopted by shale gas exploration. The equipment rental segment holds a significant market share and is expected to grow at a slow pace owing to the increasing demand for field optimization and analytical services. "Actionable Insights to Fuel Your Growth", Region : Global | Format: PDF | Report ID: FBI100174. For instance, China has the largest shale reserves, and a considerable percentage of its production comes from its Sichuan Basin located in the Chongqing area. Countries in Middle East & Africa, which include UAE, Saudi Arabia, Kuwait, Bahrain, and among other countries, are the members of the Organization of the Petroleum Exporting Countries (OPEC), hence thereby focused on attaining the production targets set by the organization. Petroleum Industry Services International Oilfield Services is a leading provider of premium rig services, specialist tools provider for the international oil and gas industry. I appreciate the timeliness and responsiveness of you and your team.”, © 2020 Fortune Business Insights . Hence, growing investment for exploring new oilfields and discoveries drives the demand for the oilfield service industry. The production segment is estimated to hold a larger portion of market share owing to the growing initiative for oil recovery and well testing in the current oil & gas fields. Technological Advancements in Oilfield Services by Major Companies to Intensify Competition. The segment is further analyzed by much granular level covering services such as offshore drilling, oil country tubular goods (OCTG), directional drilling services, drilling fluids, well casing, well cementing, drill bits, drilling rigs, logging while drilling (LWD), measurement while drilling (MWD), managed pressure drilling (MPD), waste management, and other drilling services. (Muscat, Oman), Xi'an Huayang Oil & Gas Equipment Co., Ltd. (Xi'an, Shaanxi), Petrodar Operating Company (PDOC) (Khartoum, Sudan), Middle East Oilfield Services LLC (Muscat, Oman), RAAS Oilfield Services & Supplies WLL (Sitra, Bahrain), Oman Oil Industry Supplies & Services Co. LLC (Muscat, Oman), Oil States Industries (Barrow-in-Furness, U.K.), Nine Energy Service (Texas, United States), Churchill Drilling Tools- Coretrax (Aberdeen, Scotland), Schneider Electric (Rueil-Malmaison, France), Sparrows Group (Aberdeen, United Kingdom), Champion Oilfield Service (Colorado, U.S.), North America (the United States and Canada), Europe (United Kingdom, Germany, France, Italy, Norway, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, Indonesia, Thailand, and Rest of Asia Pacific), Middle East & Africa (Oman, UAE, Qatar, Kuwait, Saudi Arabia, Iraq, Algeria, Egypt, Nigeria, and Rest of the Middle East & Africa), Latin America (Brazil, Argentina, Mexico, Venezuela, Colombia, Chile, and Rest of Latin America), Granular Research on Specified Regions or Segments, Companies Profiled based on User Requirement, Broader Insights Pertaining to a Specific Segment or Region, Breaking Down Competitive Landscape as per Your Requirement, Other Specific Requirement on Customization. At Plimsoll we do company and market analysis differently. We are the experts in all the services we provide. Schlumberger, Halliburton, National Oilwell Varco, SGS S.A., Baker Hughes, Transocean, and Weatherford International are among the major players operating in the global market. Advancement of technology has enabled high-quality illumination of the subsurface for conventional and unconventional reservoirs at much lower costs. Market Realist is a registered trademark. The unit operating cost in the UK Continental Shelf has declined by around 50% in the last two to three years, and it is projected to fall further in the coming years. We know where we will be getting business intelligence from in the future.”, “Thank you for sending the market report and data. The other key players, such as hydratight, Muntajat, Protiviti Inc., ESG Solutions, Cyntech, Fugro, Hytera, Geokinetics, and other small players, have entered the market for providing innovative oilfield services to various end-users. These are the services deployed in oilfield locations to execute the successful production and exploration in the upstream sector of the energy industry. This Production and exploration activities are set to increase in the coming years owing to rising energy demand and lucrative investment opportunities in the oil & gas industry. The oilfield equipment and services include all products and services used for the production and exploration process in the upstream sector. The oil & gas industry is experiencing inflexibility in crude oil prices, and this is attributed to the variations in demand & supply of crude oil. The oil & gas industry is broken down into three segments: upstream, midstream, and downstream. Of these, 15 are oil discoveries, and the remaining 8 are gas discoveries. These services are estimated to grow significantly in the projected period owing to the wide scope of oil, water, and gas treatment across the industry to improve the recovery and minimize the environmental impact of hydrocarbon production. Special Oilfield Services Co. LLC, is one of the leading Oilfield companies in Oman, delivering high quality solutions and value-added services at competitive prices. At a trough, for instance, a rig companyâs shares might be worth the market value of its equipment. The new formate brines are naturally weighted which reduces sag in drilling operations.. Added advantages with the use of formate brines include. Production and exploration of oil & gas resources and provision of solution for stimulation performance evaluation, water shutoff determination, tubing, and multiple casing integrity in oil wells, accelerates the completion and workover segment. EV primarily services the Permian Basin and New Mexico Area but has provided services for Companies as far North as Canada! For instance, the International Energy Agency reported that oil demand is likely to decrease by 29 million barrels per day (BPD) in April 2020 and by 23.1 million BPD in the 2nd quarter. The market in the Middle East and Africa holds substantial market potential to explore the untapped capacity for hydrocarbon development and non-complex formations to effectively drill the wells, which drive the oilfield services market growth in the coming years. For instance, as per data published by Statista in 2020, global demand for crude oil (including biofuels) in 2019 amounted to 100.1 million barrels per day and is projected to decrease to 91.7 million barrels per day in 2020. Hydraulic fracturing and other stimulation procedures are adopted by oil & gas companies to increase t⦠The increasing development of new oilfields and the rising demand for energy is expected to be key factors driving the market over the forecast period. Moreover, unconventional onshore oil production is doubling to around 22 Mbpd by 2035, which accounted for nearly 30% of all global crude oil production. Oilfield Services Industry 23ew Frameworks for the Oilfield N Services Industry, World Economic Forum Annual . Shale exploration requires a wide range of equipment and services in the oilfield. Offers may be subject to change without notice. Whilst the future dynamic is perhaps less hostile, it remains uncertain, creating both challenges and opportunities for OFS companies. To know how our report can help streamline your business, Speak to Analyst, Growing Initiative for Oil Recovery Escalates the Production Segment to Promote Growth. The industry and transaction market for its participants are noted for significant cyclicality. The rising demand for oil & gas from offshore areas is driving the oilfield service industry during the forecast period. This statitstic depicts the yearly demand forecast by segment from 2019 to 2023. Increasing Shale Gas Extraction to Drive Market Growth. Hence, the growing demand for investment in the oil & gas industry propels the demand for the OFS market in the projected period. The ongoing outbreak of the COVID-19 pandemic has impacted the oil & gas industry considerably by disrupting global financial and commodity markets, a dramatic downfall in demand which has hampered the operations and supply chain of the oil & gas industry. Earnings increasingly come into play, once an upswing is firmly established. North America Oilfield Services Market Size, 2016-2027 (USD Billion), To get more information on the regional analysis of this market, Request a Free sample.