Mar 06, 2020 (The Expresswire) -- Global Directional Drilling Market 2020 report is a professional and in-depth research report on the world’s major regional market conditions, focusing on the main regions (North America, Europe and Asia-Pacific). It covers the market landscape and its growth prospects over the coming years. Directional Drilling Market report also includes a discussion of the Key Vendors operating in this Global market.
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The demand for directional drilling department was significantly affected by the global oil prices downturn that started in 2014. The global Exploration and Production (EandP) companies responded to the oil price decline with budget cuts or project delays, with an expected overall 40% decline in CapEx spending. However, the pressing need for production optimization in the current ‘lower for longer’ oil price scenario supplements the demand for directional drilling, which allows drilling from a single rig in multiple locations and in areas where regular drilling activities remain as a challenge. Furthermore, rising demand to drill deeper and farther offshore, particularly in the unconventional reserve area, is expected to further supplement the demand for directional drilling services during 2018 2023 (henceforth referred to as forecast period). On the flip side, the oil and gas operators are expected to adopt a wait and watch policy based on oil and gas prices, for the commissioning of the EandP projects, resulting in a slight decline in demand for the directional drilling services.
Quest for Offshore Oil and Gas - Driving the Directional Drilling Market
As traditional onshore reserves are depleting, offshore resources are expected to play a more significant role in securing the growing demand for oil and gas. The increasing interest in shelf resources is illustrated by the fact that over the past 20 years, the number of significant shelf discoveries has been higher than the number of significant onshore discoveries. The shelf production is expected to account for approximately 30% of the global output, with about 27% of the offshore reserve are below 300 meters and is expected to increase further deeper. The Middle Eastern countries are expected to invest heavily in offshore development to counter their declining onshore reserves and maintain global production share from the offshore fields. The rising investment for the development of the offshore oil and gas reserves is expected to supplement the demand for directional drilling services.
North America to Dominate the Market Growth
The US shale investments were estimated to jump around 53 % in 2017, following a 44% plunge between 2014 and 2016, as per International Energy Agency (IEA). The shale gas production in the United States is expected to more than double from 37 Bcf/d in 2015 to 79 Bcf/d by 2040. Similarly, growth is also expected in Canada as well. To meet up with the rising demand for natural gas across the globe, EandP activities are expected to further increase, particularly in the North American offshore waters, such as US GOM region, which, in turn, would supplement the demand for directional drilling services during the forecast period.
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Saudi Arabia to Hold a Significant Demand despite Oil Prices Downturn
Despite facing constant stiff competition from the shale producers of the North American region in the midst of lower crude prices, Saudi Arabia is expected to register a moderate demand for directional drilling services, during the forecast period. The economy of Saudi Arabia is highly dependent on the oil and gas upstream sector, and the oil exports account for approximately 40% of the country’s GDP and 90% of the total export earnings. EandP activities in the country are expected to continuously remain high, particularly in the offshore region, thereby increasing the demand for directional drilling services. In July 2017, Saudi Aramco announced an investment of USD 300 billion in the oil and gas sector over the next decade, which is expected to supplement the demand further.
Key Developments in the Market
• January 2018: National Iranian Drilling Company secured directional drilling works for South Pars field phase’s 17/18 project in Iran.
• January 2018: Patterson-UTI Energy announced agreement to acquire directional drilling services company - Multi-Shot, LLC
• June 2017: Schlumberger awarded a multiwell contract for ISM operations in the Ororo field, including directional drilling services.
• May 2017: Hilong awarded Pakistan oil service integrated technical service contract from United Energy Pakistan Limited for 1+8 deep well comprehensive technical services, including directional drilling
Major Players: AnaDARKO PETROLEUM CORPORATION, APACHE CORPORATION, BP PLC, CHEVRON CORPORATION, EXXON MOBIL CORPORATION, ROYAL DUTCH SHELL plc., HALLIBURTON Co, SCHLUMBERGER Ltd., WEATHERFORD INTERNATIONAL, BAKER HUGHES, Inc. (a GE COMPANY), NABORS INDUSTRIES Ltd., CHINA OILFIELD SERVICES LIMITED
REASONS TO PURCHASE THIS REPORT
• Identify the drivers, restraints, and opportunity possessed by the global directional drilling market with in-depth analysis.
• Analyze the various perspectives of the market with the help of Porter’s five forces analysis.
• Gain in-depth market insights with forecasted market estimate in the global directional drilling market in terms of service type and location of deployment.
• Identify the largest, fastest growing, and significant regions during the forecast period with in-depth analysis.
• Identify the latest developments, market shares and strategies employed by the major market players.
Customization of the Report
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Key Factors Involved in the Report: -
Directional Drilling Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2023.
Directional Drilling Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
Directional Drilling Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of Directional Drilling industry.
The global Directional Drilling market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
Directional Drilling Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
Directional Drilling Market Report also mentions market share accrued by each product in the Directional Drilling market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Some of Toc Points in Directional Drilling Market Report are:-
1. Executive Summary
2. Research Methodology
3. Market Overview
3.2 Market Size and Demand Forecast Until 2023
3.3 Recent Trends and Developments
3.4 Government Rules and Regulations
4. Market Dynamics
5. Value Chain Analysis
6. Porter’s Five Force Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitutes
6.5 Competitive Rivalry
7. Global Directional Drilling Market Analysis, by Location of Deployment
8. Global Directional Drilling Market Analysis, by Service Type
8.1 Rotary Steerable Systems (RSS)
9. Global Directional Drilling Market Analysis, by Geography
9.1.5 Rest of Asia-Pacific
9.2 North America
9.2.3 Rest of North America
9.3.4 Rest of Europe
9.4 South America
9.4.4 Rest of South America
9.5. Middle East and Africa
9.5.1 Saudi Arabia
9.5.6 Rest of Middle East and Africa
10. Key Company Analysis* (Overview, Business Segmentation, Financial Analysis**, Recent Development and Analyst View)
10.1.1 Anadarko Petroleum Corporation
10.1.2 Apache Corporation
10.1.3 BP PLC
10.1.4 Chevron Corporation
10.1.5 Exxon Mobil Corporation
10.1.6 Royal Dutch Shell plc
10.2 Service Companies
10.2.1 Halliburton Co
10.2.2 Schlumberger Ltd
10.2.3 Weatherford International plc
10.2.4 Baker Hughes, Inc. (a GE Company)
10.2.5 Nabors Industries Ltd
10.2.6 China Oilfield Services Limited
(*List of companies is not exhaustive. Please let us know if you are interested in any company profile)
11. Competitive Landscape
11.1 Mergers and Acquisitions
11.2 Joint Ventures, Collaborations and Agreements
12.1 Contact Us
(**Subject to availability on public domain)