the oil and gas sector and thereby significantly boosting the demand for oilfield services. Technological advancements have now enabled the operators to extract from sources that were inaccessible previously. For example, extraction of gas from shale and oil underneath bituminous sand was quite expensive but with new technologically advanced processes have made it economical. Moreover, these new technologies have helped in E & P activities in several aging oilfields across the globe.
The application segment of onshore oilfield services currently accounts for most of the demand. However, offshore segment is also projected for a healthy growth rate, despite being expensive, due to depleting onshore resources, which has urged operators to explore alternatives. By services, the segment of drilling contributes most of the demand, which is a reflection of increased investment in technology by the OFS companies and increasing efficiency of several drilling processes.
Global Oilfield Services Market: Regional Outlook
Currently, North America serves maximum demand for oilfield services, which is a reflection of deep-water productions in the countries of the U. S. and shale gas production in Canada. North America is expected to remain most prominent region throughout the forecast period.
Companies mentioned in the research report
Some of the key companies currently operating in global oilfield services market are Schlumberger, Halliburton, National Oilwell Varco, Baker Hughes, Weatherford International, China Oilfield Services, Petrofac, Saipem, Transocean, and Worley Parsons.
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Major regions analyzed under this research report are:
-Europe
-North America
-Asia Pacific