The upstream oil & gas industry is cursed with high uncertainty, owing to complications involved in upstream operations. Moreover, these uncertainties have a negative impact on the decision-making process and in order to decrease these uncertainties, operators require the acquisition of accurate field data, and hence, a good quality evaluation services plays a crucial role in the decision-making process. The volatility in oil prices has forced operators to constantly update their future strategy and decision-making process. Hence, the demand for evaluation services, like wireline-logging services is increasing, in turn, driving the market.
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Growing Upstream Activity to Drive the Market
During 2016-2017, the average global rig count has increased by about 27% indicating growing upstream activity. The major factor for the increasing upstream activity can be attributed to improved profit margins for oil & gas operators due to increase in oil prices after 2016 and reduction in the breakeven oil prices in the majority of oil & gas fields. As of May 2018, the Brent crude oil prices have crossed USD 75 per barrel mark, highest since the oil price crisis in mid-2014, due to narrowing oil supply-demand gap. If new significant oil production projects are not initiated, the oil demand is expected to surpass the oil supply by 2020, which, in turn, is expected to further increase the oil prices. The increasing oil prices are expected to drive the upstream activity, in turn, driving the demand for oilfield services, such as wireline logging services during the forecast period.
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Increasing Exploration and Development Activity to Drive the Middle East Market
The proved oil reserves in Iraq and Iran have increased considerably during 2006-2016, indicating substantial discoveries. The oil production in the two countries has also registered significant growth. Growing proved reserves, and production in Iraq and Iran presents a threat to other major oil producing countries in the region, such as Saudi Arabia, UAE, Kuwait, and Qatar, as they are losing the oil market share to Iran and Iraq. Hence to compete, the Saudi Arabia, UAE, Kuwait, and Qatar are expected to invest heavily in exploration and development of new oil reserves as well as tertiary recovery techniques to improve the oil recovery of existing reserves in order to maintain their dominant position in the future. Saudi Aramco, which controls all the upstream activity in Saudi Arabia, has announced that it will invest USD 414 billion during 2017-2027. In order to make such investments, the acquisition of the relevant data to make these decisions is necessary. Therefore, the spending on evaluation services, such as sophisticated logging services in Saudi Arabia, UAE, Kuwait, and Qatar is expected to increase, which, in turn, is expected to drive the wireline logging services market in the region during the forecast period.
Key Developments in the Market
June 2017: Schlumberger Limited released Pulsar Multifunction spectroscopy service, which provides improved quality cased-hole logging operation. The new services provide cased-hole log data quality that is comparable to open hole logs
The major players include - Baker Hughes A GE Co, Schlumberger Limited, Halliburton Company, Nabors Industries Ltd, Weatherford International plc, Superior Energy Services, Inc, OilSERV FZCO, China Oilfield Services Ltd, RECON Petrotechnologies, Pioneer Energy Services Corp, among others.
Reasons to Purchase This Report
- Current and future wireline logging services market outlook in the developed and emerging markets
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