Global Oilfield Services Market, By Application (Onshore and Offshore), By Service (Pressure Pumping Services, Oil Country Tubular Goods, Wireline Services, Well Completion Equipment & Services, Well Intervention Services, Others), By Type (Equipment rental, Field Operation, and Analytical services), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).

Published In : Mar 2024

Code : CMI6753

Pages :145

Formats :

Excel and PDF

Industry : Energy

Market Concentration and Competitive Landscape

Global Oilfield Services Market Concentration By Players

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Oilfield services demand supported by increasing production from mature assets

The demand for oilfield services is driven by growing production from mature oil and gas assets globally. As many of the existing oil and gas fields around the world reach maturity, oil and gas companies are deploying advanced production technologies such as enhanced oil recovery techniques to prolong the life of these mature assets and maximize production from them. This relies heavily on specialized oilfield services which are crucial for conducting complex intervention operations in mature fields and improving their recovery rates. For instance, the mature oil fields of the North Sea region and the shallow water Gulf of Mexico are adopting digital transformation solutions, remote operations, precision drilling and smart well completions to boost productivity, according to the International Energy Agency (IEA). The need for well intervention services, reservoir management technologies, drilling optimization solutions along with expertise in stimulation activities has grown exponentially over the past few years to extract remaining reserves from reservoirs considered mature. Reservoir management services have seen huge demand as production from existing reservoirs accounts for over 65% of global supply as per the IEA. This demand is expected to rise further as depletion rates inmaturing conventional oil fields accelerate globally.

Key Players Insights