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New Revenue Pockets: Oilfield Services Market
The oil and gas demand on a global scale is on the rise at an alarming rate. In 2000, the global demand for oil was 76 million barrels per day, which rose to almost 86 million barrels per day in 2013. The increase in the energy demands globally has ushered exploration and production companies to push beyond their limits and explore more reserves.
The rise in oil prices over the past few years has encouraged oil companies to invest in exploration and production activities. The international and national oil companies across the world have significantly increased their exploration and production investments in 2013, with strong growth particularly seen in the Middle East, Asia-Pacific, and Europe. This trend will continue over the coming years, with global E&P investments expected to increase with a strong growth rate of 8% on year-on-year basis. These E&P activities demand oilfield services in order to produce and make operations economically viable.
The oilfield market continues to grow at an increased pace, as oil and gas operators continue to discover new oil and gas field reserves where oilfield services are required. The requirement to maintain and boost recovery rates from unconventional resources has increased and will continue to do so. In order to maintain and boost production, advanced oilfield services will play a key role in the future of the unconventional oil and gas market.
North America, Asia-Pacific, and the European regions are the biggest markets for oilfield services. The leading players of oilfield services are Halliburton (U.S.), Schlumberger (U.S.), Baker Hughes (U.S.), and Weatherford (Switzerland).
Offshore drilling in challenging conditions, shale reserves, and an increase in drilling activities in the emerging regions such as Africa and Asia-Pacific are further boosted by the shale boom that has created new revenue pockets for the oilfield services market. Increased investments for exploration and production will also create new revenue pockets for oilfield services.
Oilfield Services Market by Type (Coiled Tubing Services, Completion Equipment & Services, Drilling & Completion Fluids, Drilling Waste Management, OCTG, Pressure Pumping Services, Well Intervention Services and Wireline services), by Geography (Asia-Pacific, Europe, Middle East, Africa, North America and South America) - Global Trends and forecasts to 2019
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