Oilfield services include different oil related activities such as exploration, drilling, completion, stimulation, production, and intervention for fulfilling various purposes over the entire oil well exploration life cycle. The services are also helpful in well logging, perforation, zonal isolation, well stimulation, sand washing and setting tubing plugs. These services help the operators explore and produce from oil & gas reservoirs.
Discovery of new oil & gas fields along with increasing volume of crude oil production is a key factor that is expected to drive the growth of the market. Reduction in drilling activities related to exploration along with falling crude oil prices are the key restraining factors that hinders the growth of the market. Abundance of natural gas in Europe and regions such as the Black Sea, the North Sea, the Caspian, the Barents Sea, the Mediterranean, and the Norwegian Sea along with large presence of shale gas is expected to offer potential growth opportunities.
The market is segmented on the basis of types, applications and geography. On the basis of types, the market is segmented into coiled tubing services, well completion, drilling fluids, drilling services, oil country tubular goods (OCTG), wireline services and others. Based on the country the market is segmented into Russia, Norway and U.K.
Prominent market players in this region are Baker Hughes Incorporated, Halliburton Co., Schlumberger Limited, Weatherford International Plc, Superior Energy Services Inc., Nabors Industries Ltd. and National Oilwell Varco Inc.
KEY BENEFITS FOR STAKEHOLDERS:
OILFIELD SERVICES MARKET KEY SEGMENTS:
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