Transocean (RIG) and Ensco (ESV) are two of the largest rig contractors. Hence, it is projected to hamper the long-term impact in the oil & gas industry during the forecasted period. The data offered to us was exactly what we were looking for. The oilfield equipment and services (or OFS) industry refers to all products and services associated with the oil and gas exploration and production process, … The oilfield equipment and services (or OFS) industry refers to all products and services associated with the oil and gas exploration and production process, i.e. We use cookies to enhance your experience. 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. Thank you Fortune Business Insights for your efforts and prompt response”, “I had a great experience working with Fortune Business Insights. What are oilfield services? The Global Oilfield Services Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 by DecisonDatabases.com. Saving you time and money! Of these, 15 are oil discoveries, and the remaining 8 are gas discoveries. Ably Resources Oilfield Services (AROS) are an established force in the Oil & Gas industry supplying a wide range of services specific to the market. The market research report provides an elaborative analysis of the global market research, dynamics, and competitive landscape. The companies engaged in the business offer services related to manufacturing, maintenance, and equipment repair used in oil extraction and transportation. I appreciate the timeliness and responsiveness of you and your team.”, © 2020 Fortune Business Insights . Oilfields Services Leader. (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. 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. 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 – 2025. Hence, the growing number of offshore discoveries is promoting the development of the market. 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. 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. 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. Based on the service segment, the market is segmented into geophysical, drilling, completion & workover, production, and processing & separation segment. Finally, expected future earnings are more heavily relied up… Moreover, unconventional onshore oil production is doubling to around 22 Mbpd by 2035, which accounted for nearly 30% of all global crude oil production. These gases, which are trapped in a shale formation, cannot flow into the well due to its low permeability. 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. Shale gas is another form of natural gas which are trapped within shale formations. The Russia-Saudi oil price war owing to COVID-19 has become an obstacle, resulting in slashed production output and financial loss. increased productivity, corrosion protection; unrivalled safety and environmental performance. The production segment is anticipated to be the leading segment in this market during the forecast period. 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. The new formate brines are naturally weighted which reduces sag in drilling operations.. Added advantages with the use of formate brines include. 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. 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. 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. The services considered for successful field operations include locating energy sources, drilling and formation evaluation, energy data management, geological sciences, and many others. 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 … EV Roustabout Services are well trained safety obsessed individuals waiting for the call. Coming off the bottom, cash flow is often used to value these stocks. 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 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. To gauge how the industry has been trending, we’ll also compare major OFS companies based on fundamental metrics and share price movements. 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 oil & gas industry is experiencing inflexibility in crude oil prices, and this is attributed to the variations in demand & supply of crude oil. Technological Advancements in Oilfield Services by Major Companies to Intensify Competition. Hence, the growing investment scenario in the offshore sector is spurring the demand for OFS, in turn, aiding the market. COVID-19 Impact: Significant Downfall in Oil & Gas Industry. 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. Hydraulic fracturing and other stimulation procedures are adopted by oil & gas companies to increase t… Oilfield services are various oil related operations, such as exploration, drilling, stimulation, completion, intervention, and production, for the entire life cycle of well exploration. Highly Skilled Labors. Hence, the growing demand for investment in the oil & gas industry propels the demand for the OFS market in the projected period. The oilfield services company supplies the products which are required to construct, complete, and produce oil and gas wells and support in the process of finding, evaluating, developing, producing, and abandoning oil and gas resources. The geophysical segment is projected to grow owing to its efficient technologies and solutions in petroleum field development and oil and gas transportation. The report was very accurate and as per my requirements. This is a very good piece of work and will be very helpful to us going forward. I am CEO of Canary, one of the largest privately-owned oilfield services companies in the United States. The oilfield equipment and services include all products and services used for the production and exploration process in the upstream sector. In addition, the range of customized packages offered by major upstream service companies results in cost savings up to millions for the operators. Read more about offshore drilling in Market Realist’s Offshore Drilling Unveiled: Your Quintessential Investor’s Primer. Rigs can be land-based (or onshore) or marine-based structures (or offshore). Growing investment in the offshore sector helps to boost market growth. Our collaborative service offering supports our clients operations both Upstream and Downstream. Other significant services analyzed under this segment are well intervention, completion fluid, sand control, and mud logging. PDO, Oxy, OQ, Daleel Petroleum, Oman LNG and many others. Volatility in Crude Oil Prices to Hinder Market Growth. 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. Shale exploration requires a wide range of equipment and services in the oilfield. 4 Trends Defining Oilfield Services Industry’s Future. Quarterly Oilfield Services Sector Review - 1Q 2019. Thank you!”, “I recommend Fortune Business Insights for their honesty and flexibility. The key services covered under this segment are water treatment, oil treatment, gas treatment, solid treatment, and other services. The increasing number of oil & gas discoveries and technological advancements for higher production yield in oilfield reserves can have an excellent impact on market growth. These are the services deployed in oilfield locations to execute the successful production and exploration in the upstream sector of the energy industry. SOS is among the most trusted Oil and Gas companies in Oman, approved by the major Oil & Gas end users viz. Officially, oilfield equipment and services (OFS) is all the products and services that help with oil and gas exploration and production. North America dominated the market share in 2019. Monsoon’s greatest asset and strength is our people, that bring with them, years of valuable knowledge in the oilfield industry. 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. What is the importance of oilfield services in industries? Europe is also estimated to hold a larger portion of market share and is projected to increase in the forecasted period. Demand projections, energy mix, commodity prices 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. What was the value of the market in North America in 2019? 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. 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. Based on type, the market is classified into equipment rental, field operation, and analytical services. EV primarily services the Permian Basin and New Mexico Area but has provided services for Companies as far North as Canada! Upstream, or exploration and production (E&P) companies, find … 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. Increasing Investment in Offshore Sector to Boost Market Growth. Oilfield services companies tend to be valued based on where the economy is in terms of the business cycle. Oilfield Services Market | Industry Analysis. Oilfield service (OFS) plays a crucial role in the upstream service of the oil & gas industry, predominantly in offshore assets. the upstream sector of the energy industry. The field operation segment is increasing its market share due to a wide number of services deployed on the field for executing the project. 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. At what CAGR is the market projected to grow in the forecast period (2020-2027)? I've served as a consultant to the energy industry in North America, Asia and Africa. 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. Increasing Production & Exploration Activities in Oil & Gas Industry to Favor Market Growth. Cash flow is a more stable measure than profits, which might be spotty during the early stages of an upturn. (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. Various oil & gas companies worldwide had to shut down their exploration projects and services as countries approached lockdown to deal with the pandemic. Reducing the cost of oilfield services and increasing the production output are the key factors attributed to the growth of the global market. Countries like China, Thailand, Indonesia, Malaysia, and Myanmar, have witnessed an abrupt increase in production & exploration activities coupled with discoveries of oil & gas reserves. Advancement of technology has enabled high-quality illumination of the subsurface for conventional and unconventional reservoirs at much lower costs. 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. Growing Number of Offshore Discoveries to Surge Demand. 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. These gases which are trapped in shale formation cannot readily flow into the well, owing to the low permeability of these shale formations. We are the new Jules Oilfield Services Ltd. Potassium Formate brine is used as an alternative to the more traditional fluids used in high density drilling and completion fluids. This fluctuation disrupts the market demand significantly, besides intensifying competition between the U.S., OPEC countries, and non-OPEC countries. Currently, Schlumberger Limited, Halliburton Company, Baker Hughes, and Weatherford hold the major portion of market share in 2019. The oilfield equipment and services include all products and services used for the production and exploration process in the upstream sector. 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. Market Realist is a registered trademark. It includes those companies that discover pockets of oil, energy data management, drilling companies, well construction companies, and production and completion services. The oilfield services industry, which includes oil and gas field services in the United States, was worth an estimated $63 billion in 2017. Drilling rigs are used to dig into the earth’s subsurface to extract hydrocarbons, primarily crude oil and natural gas. Hence, growing investment for exploring new oilfields and discoveries drives the demand for the oilfield service industry. They are the backbone of the Oil and Gas Industry. As per the DNV-GL Energy-Transition-Outlook, oil production is projected to increase by 83 million barrels per day (Mbpd) in 2022. At Plimsoll we do company and market analysis differently. Delivering Solutions for India’s Oil and Gas Industry since 1970-scroll down to know more. Other prominent countries engaged in the market across the region are Oman, Algeria, Qatar, and Nigeria. From 2012-2017, the industry experienced steep declines, losing an average of 13.6% each year. Based in Blackfalds, Alberta, Jules Oilfield Services Ltd. is a two tier service company. Offers may be subject to change without notice. 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. The global oilfield services market size was valued at USD 103.26 billion in 2016. View more. Petroleum Industry Services International Oilfield Services is a leading provider of premium rig services, specialist tools provider for the international oil and gas industry. In general these companies are engaged in the manufacturing, repair, and maintenance of equipment used in oil extraction and transportation. EV is a Midland based Oil Field Services Company providing a variety of Products & Services to the Oil & Gas Industry. Increasing Investment in Offshore Locations is Set to Dominate the Market Growth. Shale gases are natural gases which are trapped in shale formations. Both onshore and offshore drilling rigs can be of multiple varieties, depending on the location, type, and drilling technique. 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. Earnings increasingly come into play, once an upswing is firmly established. The oilfield services industry includes all services associated with the exploration and production of oil and 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. Schlumberger, Halliburton, National Oilwell Varco, SGS S.A., Baker Hughes, Transocean, and Weatherford International are among the major players operating in the global market. 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 consider our Roustabouts the best in the business. How much is the oilfield services market worth? In the list, notable subsidiary companies and divisions are listed as sub-lists of their current parent companies. 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. The oilfield services and equipment (“OFS”) industry is a large, highly-competitive industry that provides services and goods to oil and gas exploration and production (“E&P”) companies. Thus, volatility in crude oil prices is anticipated to hamper the market growth. 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. Equipment Rental Oilfield Services to have Held The Largest Market Growth. FMC Technologies (FTI) and Oil States International (OIS) are predominantly offshore OFS companies. Appalachian Oilfield Services, L.L.C. Helix Oilfield is a Canadian oilfield services company providing innovative solutions for the pipelines, plants and facilities of Alberta’s oilfield industry. We know where we will be getting business intelligence from in the future.”, “Thank you for sending the market report and data. 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. Our products & services are designed to increase efficiency and minimize cost … 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. Moreover, 23 oil and gas discoveries were made in Q2 2020 across the globe. However, advancements in technology such as directional drilling and hydraulic fracturing technology have helped increase shale gas production from such critical reservoirs. Pandemic Worries: The highly contagious U.K. variant of coronavirus is spreading rapidly … We have become industry leaders by working closely with customers and using our expertise to make you more efficient. Oilfield service (OFS) plays a crucial role in the upstream service of the oil & gas industry, predominantly in offshore assets. This The companies mentioned here are components of the VanEck Vectors Oil Services ETF (OIH), an ETF tracking an index of 25 OFS companies. Increasing production & exploration activities to cater to the growing energy demand is projected to boost the Asia Pacific market. Whilst the future dynamic is perhaps less hostile, it remains uncertain, creating both challenges and opportunities for OFS companies. Processing and separation services play a crucial role in the OFS industry. The rising demand for oil & gas from offshore areas is driving the oilfield service industry during the forecast period. Conventional onshore oil is projected to account for a major share in total oil production worldwide. 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. preparing a claim correctly requires a thorough understanding of the industry challenges and the underlying technology. The oil & gas industry is broken down into three segments: upstream, midstream, and downstream. This statitstic depicts the yearly demand forecast by segment from 2019 to 2023.

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