The Drilling Services Market of Middle East is Expected to Reach USD 88 Billion in the Near Future
Oil and Gas industry is highly volatile and cyclical market. The growth of oilfield services industry was directly proportional to the growth in oil and gas industry. The global oilfield services industry was highly competitive with a lion’s share occupied by the Big Four’s, namely, Schlumberger, Halliburton, Baker Hughes and Weatherford. The companies which provide drilling services such as Noble Drilling Corporation, Transocean, Nabors Industries and others were engaged in providing the services on contractual basis. These companies provides drilling rigs, associated equipments and tools along with the related crew, and charged the upstream companies on day rate basis majorly.
Exploration and production of gas is complex. Each step of the value chain requires complex technology which is provided by OFS and drilling services companies. Reservoirs of oil and gas are identified through seismic surveys, geological modeling and field work, exploratory drilling and other procedures. The OFS companies provide a broad range of products and services ranging from seismic surveys to deep and ultra deep water drilling. Broadly, the OFS services can be divided into five stages which are reservoir/seismic surveys, exploration & production drilling, engineering, fabrication and installations, operations and finally the decommissioning of the well.
The oil industry is mainly divided into three subdivisions which are mainly upstream, midstream and downstream. Oil and gas producers depend primarily on the OFS companies to maintain, develop and support their operations at all levels of exploration and production of an oilfield. OFS companies provide services at all levels of value of chain. Such as for upstream companies they provide well drilling and maintenance services, seismic surveys, well construction and completion along with construction and logistics, to midstream companies they provide services for storage, laying of pipelines, tank farms, etc. and to downstream companies they provide EPC services.
Pressure pumping services are considered as an integral part of well services in India. The main drivers for the pressure pumping market in Middle East were to increase the asset value, to augment the productivity and yield of an oilfield and to achieve more proximity with the proven reserves. The pressure pumping services are provided by a number of players in the region which resulted into a lower market share of the international OFS companies. The pressure pumping services of Halliburton were majorly restricted to the growth witnessed in regions like Saudi Arabia and Oman which accounted for less market share in contrast with Schlumberger.
With its first oil discovery made in 1933, Saudi Arabia now shares a foremost and influential role in the global oil and gas industry. With the lowest production costs all over the world, largest exporter of total petroleum products. With the increasing consumption of oil in the region which accounted to almost 3 million barrels per day, the country aims to augment its production capacity. The major offshore oil and gas production in Saudi Arabia comes from the giant field such as Safaniya , Ghawar and others. The large scale development projects in Saudi Arabia made it a large consumer of energy.
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