Research and Markets (http://www.researchandmarkets.com/research/sgj5f7/oilfield_services) has announced the addition of the “Oilfield Services Market by Type (Coiled Tubing, Well Completion, Well Intervention, Pressure Pumping, OCTG, Drilling Waster Management, Drilling & Completion Fluids, and Wireline ), & by Region – Global trends & Forecast to 2020” report to their offering.
“Oilfield Services Market by Type (Coiled Tubing, Well Completion, Well Intervention, Pressure Pumping, OCTG, Drilling Waster Management, Drilling & Completion Fluids, and Wireline ), & by Region – Global trends & Forecast to 2020”
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 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.by