Increasing oil and gas investments, coupled with rising deep-water projects, are set to propel the Asia-Pacific oilfield services market in the forecast period.
TechSci Research’s report, “Asia-Pacific Oilfield Services Market – By Country, Competition, Forecast and Opportunities, 2018-2028,” highlights the key drivers behind this expansion: decreasing oilfield service costs and increasing production output. The region’s growing domestic oil consumption attracts international oilfield service suppliers, with Asia-Pacific accounting for 7,425 thousand barrels per day of oil production compared to the world’s 88,391 thousand barrels per day.
Regulations aimed at reducing air pollution and environmental concerns are pushing for a shift towards gas and away from coal in the energy mix. Supported by government initiatives, exploration and production activities are on the rise, further fueling the growth of the Asia-Pacific oilfield services market.
Within the oilfield equipment and services (OFS) sector, services for processing and separation, particularly for oil, water, and gas treatment, are expected to see significant growth. This expansion is driven by the increasing need to enhance recovery and mitigate environmental impacts. Services for treating water, oil, gas, sediments, and other substances are expected to drive demand for oilfield services in the Asia-Pacific region during the forecast period.
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In the Asia-Pacific oilfield services market, services are categorized by type and deployment location. Service types include drilling, completion, production, intervention, and others. Drilling services, dominating the market, are crucial for offshore E&P activities, with a projected significant rise in demand. These services encompass directional drilling, coiled tubing, measurement and logging while drilling, reservoir navigation, casing/liner drilling systems, surface logging, coring, and hole enlargement. Contractual services are typically provided to E&P companies, supporting projects from exploration to production stages. The drilling services market is fueled by increased enhanced oil recovery (EOR) and mature asset growth. Onshore deployment dominates the market due to lower operational costs compared to offshore drilling. With stable oil prices, the number of onshore rigs has been steadily increasing, further emphasizing its cost efficiency.
Major market players in the Asia-Pacific oilfield services market: –
- Schlumberger Ltd
- Baker Hughes Co.
- Halliburton Co.
- National Oilwell Varco Inc.
- Weatherford International PLC
- Petrofac Limited
- Superior Energy Services Inc.
- Expro International Group Holdings Ltd.
- Archer Limited
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The Asia-Pacific oilfield services market expands due to declining service costs, boosted production, and tailored packages from major upstream providers. This includes cost-saving techniques like hydraulic fracturing for shale gas extraction. Increased demand from offshore regions further drives this growth, with rising gas reserves and technological advancements enhancing production. Collaboration initiatives and new contracts for mining assets also contribute to industry brightening. Mr. Karan Chechi, Research Director at TechSci Research, anticipates this growth, citing factors like deep-water projects and expanding exploration activities in developing economies like India.
The Asia-Pacific Oilfield Services Market, categorized by service type and deployment location, is projected to thrive, offering valuable insights for investment decisions and identifying emerging trends, drivers, challenges, and opportunities in the sector.
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