UK markets closed
  • NIKKEI 225

    28,147.51
    -461.08 (-1.61%)
     
  • HANG SENG

    28,231.04
    +217.23 (+0.78%)
     
  • CRUDE OIL

    65.72
    +0.44 (+0.67%)
     
  • GOLD FUTURES

    1,815.90
    -20.20 (-1.10%)
     
  • DOW

    33,587.66
    -681.50 (-1.99%)
     
  • BTC-GBP

    38,908.99
    -1,590.36 (-3.93%)
     
  • CMC Crypto 200

    1,481.51
    -82.32 (-5.26%)
     
  • ^IXIC

    13,031.68
    -357.75 (-2.67%)
     
  • ^FTAS

    3,986.82
    +23.84 (+0.60%)
     

Africa Oilfield Services Market Growth, Trends, and Forecast Report 2020-2025: Nigeria is Expected to Dominate the Market, Owing to the Increased Exploration Activity - ResearchAndMarkets.com

·4-min read

The "Africa Oilfield Services Market - Growth, Trends, and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.

The Africa oilfield services market is expected to grow at a CAGR of over 2% during the forecast period of 2020 - 2025

Factors such as increasing exploration and production activities due to increasing crude oil and natural gas demand are likely to drive the Africa oilfield services market during the forecast period. However, volatile oil and gas prices are leading to the uncertainty among oil and gas operators, which is likely to restrain the growth of the Africa oilfield services market in the coming years.

The drilling services segment is expected to lead the market for oilfields services, reasons being an increase in exploration activities and oil discoveries in recent years. With wells being drilled going farther away from land and into the sea and being drilled deeper than before the market oilfield services are expected to grow in the forecast period.

Advancements in the deepwater and ultra-deepwater drilling activities in the region and increasing primary energy consumption are expected to create ample opportunity for the market players in the coming years.

Nigeria is expected to dominate the market, owing to the increased exploration activity in the country to compensate for declining fields elsewhere, and recent oil discoveries.

Key Market Trends

Drilling Services to Dominate the Market

Drilling services make up for the biggest share in the oilfield services market, with drilling and completion services combined accounting for over 50% of the market.

  • Oil and gas production has always been on an increase even when oil prices went down in 2014 because of the ever-increasing demand for oil and gas. This, in turn, requires an increase in oilfield services for more production from existing and new wells, signifying an increase in the oilfield services market.

  • The active rig count has been on the rise in recent years, with around 920 active rigs in September 2016 to 1130 in September 2019, showing an increase in drilling activity and hence the oilfield services market.

  • With the increasing crude oil prices, the upstream investment is expected to grow significantly and bring several projects online, thereby, driving the market.

  • Almost all the easy oil being already discovered the wells now being drilled are deeper and more complex than before, also deep and ultra-deep-water drilling operations are also on the rise. Both factors have led to a growth in demand for oilfield services market.

Nigeria to Dominate the Market

Nigeria is expected to dominate in the region in the forecast period, the increased pressure on oil & gas companies to discover new oil and gas reserves to compensate for reducing hydrocarbon production from existing and aging fields is expected to drive the market.

Competitive Landscape

The Africa oilfield services market is partially fragmented with several small and big players operating in the market. Some of the key players in this market include Schlumberger Limited, Petrofac Ltd., Weatherford International Plc, Baker Hughes Company, Halliburton Company, among others.

Key Topics Covered:

1 INTRODUCTION

1.1 Scope of the Study

1.2 Market Definition

1.3 Study Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Market Size and Demand Forecast in USD billion, till 2025

4.3 Recent Trends and Developments

4.4 Market Dynamics

4.4.1 Drivers

4.4.2 Restraints

4.5 Supply Chain Analysis

4.6 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Service Type

5.1.1 Drilling Services

5.1.2 Completion Services

5.1.3 Production Services

5.1.4 Other Services

5.2 Location

5.2.1 Onshore

5.2.2 Offshore

5.3 Geography

5.3.1 Nigeria

5.3.2 Angola

5.3.3 Algeria

5.3.4 Rest of Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

6.3.1 Transocean Ltd

6.3.2 Basic Energy Services inc.

6.3.3 China Oilfield Services, Ltd

6.3.4 ENSCO International, Inc.

6.3.5 Weatherford International PLC

6.3.6 Nabors Industries, Inc.

6.3.7 Schlumberger Limited

6.3.8 Baker Hughes Company

6.3.9 Petrofac Ltd.

6.3.10 Halliburton Company

6.3.11 TechnipFMC Plc

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/48ejnn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210504006080/en/

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com

For E.S.T. Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900