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Wireline Services Market : New Revenue Pockets
Recently, there have been quite a lot of developments in terms of offshore and unconventional exploration and production. The increasing world energy demands have pushed the exploration and production companies to move their limits toward unconventional and deeper hydrocarbon resources. These E&P activities for unconventional and deeper resources require a lot of wireline services in order to produce and make the operations economically viable.
Wireline services have become an integral part of the lifecycle of an oil and/or gas well, driven by rising unconventional oil and gas productions. The soaring demand of energy and the maturity of existing oil fields have intensified a major portion of the upstream oil and gas capital expenditure toward new fields exploration and production.
The wireline services market continues to grow at an increasing pace, as oil and gas operators continue to discover reserves in unconventional resources where wireline services are highly required to make the recovery economically viable. As such, the requirement to maintain and boost recovery rates from these hydrocarbon resources has increased and will continue to do so. As a result of the need to maintain and boost production, wireline services will play a key role in the future of the oil and gas market.
The North American, Asia-Pacific, and the South American regions are the biggest markets for the wireline service industry. The leading players of the wireline service industry are Schlumberger (U.S.), Halliburton (U.S.), Baker Hughes (U.S.), Weatherford (Switzerland), and Superior Energy Services (U.S.).
Offshore exploration in challenging conditions, shale reserves, and increasing drilling and completion activities in emerging regions such as Africa and the Asia-Pacific, further boosted by the shale boom, has created new revenue pockets for the wireline services market. These revenue pockets are further complemented by the emergence of new safer and efficient technological enhancements.
China, Norway, and Angola are expected to lead the wireline services market in future. Apart from the countries mentioned above, other areas are also expected to demonstrate a very significant moment in the forecast period of the market, which is from 2014 to 2019. Wireline service will prove beneficial for developing countries such as India, China, and Brazil. As the energy demand in these countries is increasing, fulfilling this demand will enhance their growth prospects.
Wireline Services Market by Type (Logging, Well Intervention, Completion), & Geography (Asia-Pacific, Europe, Middle East, Africa, North America, South America) - Global Trends & Forecast to 2019
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