The global oil and gas production has increased over the last five years from 81.149 Million barrels per day in 2009 to 88.673 Million barrels per day in 2014.
This has led to the supply for oil & gas exceeding its demand which has ultimately caused a decline in the prices of crude oil during the last six months of 2014.
Oilfield services are used for varied purposes over the entire well life cycle that includes exploration, drilling, completion, stimulation, production, and intervention among others. The oilfield services which are used for production activities such as well intervention services, wireline services, and coiled tubing services among others, are expected to grow at a higher CAGR when compared to the overall oilfield services market during the forecast period.
The market for oilfield services is projected to grow with a CAGR of 5.0% from 2015 to 2020. The crude oil prices are expected to increase progressively in the short term and are estimated to reach USD 80/ barrel by 2018. This rebound in oil price will be spurred by the delay in capacity addition as the oil & gas companies are currently shelving new projects to reduce their capital expenditure. With the increase in the price of crude oil, the investments for E&P activities will also increase which will lead to new projects in regions that are looking to overturn their production decline such as Europe and Asia-Pacific. This will in turn create further demand for the oilfield services in these regions.
Growing production activities both on onshore and offshore regions have encouraged the demand for oilfield services for oil & gas wells. Moreover, new discoveries in offshore regions of Africa and South America coupled with the increase in unconventional oil & gas production in North America has further increased the demand for oilfield services. Leading providers of oilfield services are focussing on both developed as well as developing countries due to the critical nature of the oilfield services which allow it to be used over the entire well life cycle.
- Archer Limited - Baker Hughes Incorporated - Basic Energy Services Inc. - Calfrac Well Services Ltd. - Expro International Group - Halliburton Company - Key Energy Services - Nabors Industries Ltd. - National Oilwell Varco, Inc. - Pioneer Energy Services - Precision Drilling Corporation - Schlumberger Limited - Superior Energy Services Inc. - Trican Well Service Ltd. - Weatherford International Ltd.
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Laura Wood, Senior Manager
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Sector: Oilfield Equipment and Services
(September 16, 2015 - 5:55 AM EDT)
U.S. Product Demand Will Remain Below 200 Levels But Crude Production Will Rebound In its recently released Annual Energy Outlook 2017, the EIA outlines U.S. petroleum demand and production prospects through 2040. To deal with the always tricky business of oil and gas forecasting, EIA takes a scenario analysis approach, examining outcomes under six potential scenarios. These include a Reference[Read More…]
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