Increased Activity in Offshore Areas Driving the Market
The outlook for offshore oil & gas sector is expected to be positive in 2018. Chinese oil & gas state-owned company, CNOOC, is planning to drill 132 exploratory wells and acquire approximately 19,000 sq km of 3D seismic. ONGC, an Indian state oil & gas firm has made a discovery of natural gas in the Gulf of Kutch, and is expected to start production within 2-3 years. Reliance Industries and its partner BP submitted a USD 2-2.5 billion plan to bring the deepest gas discovery of India to production by 2021-22. Increased activity in the offshore areas of the region is expected to drive the market.
China to Account for Largest Share in the Market
China is the largest market for oilfield services in the region. The country is planning to reduce the dependency on natural gas import, and has started to exploit its shale gas reserves to meet domestic demand. Sichuan province, the most important area for shale gas, is expected to produce more than 4.5 billion cubic meters of gas in 2018, increasing the demand for hydraulic fracturing. The country has urged NOC’s and state-owned energy companies to optimize extraction action plan for ensuring increasing domestic natural gas production. Other countries, such as India, are planning to reduce crude oil imports by 10% by 2022, from the 2017 level. Also, the Indian government has made the entry of foreign companies comparatively easy as per the new licensing policy. As a result, both China and India provide ample opportunity for oilfield service providers.
Key Developments in the Market
- July 2017: General Electric completed its buyout of Baker Hughes Inc., merging it with its own oil & gas equipment and services operations to create the world's second-largest oilfield service provider by revenue. The new company is named "Baker Hughes, a GE company“.
- January 2017: Schlumberger acquired Peak Well System, which is a specialist in the design and development of advanced downhole tools for well intervention, flow control, and well integrity.
Reasons to Purchase this Report
- Current and future Asia-Pacific oilfield services market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Countries that are expected to witness the fastest growth during the forecast period
- Identify the latest developments and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in excel)
This report can be customized to meet your requirements.
2. Research Methodology
3. Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Recent Trends and Developments
4. Market Dynamics
5. Supply Chain Analysis
6. Industry Attractiveness - 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 Intensity of Competitive Rivalry
7. Market Segmentation and Analysis (Overview, Market Size and Demand Forecast until 2023)
7.1 By Location of Deployment
7.2 By Type
7.2.1 Reservoir Characterization and Evaluation
7.2.3 Production and Completion
8. Regional Market Analysis (Overview, Market Size, and Demand Forecast until 2023)
8.4 Rest of Asia-Pacific
9. Key Company Analysis* (Overview, Products & Services, Financials**, Recent Development, and Analyst View)
9.1 Schlumberger Limited
9.2 Weatherford International PLC
9.3 Baker Hughes A GE Co
9.4 Halliburton Company
9.5 National Oilwell Varco
9.6 Superior Energy Services Inc.
9.7 Expro Group
9.9 China Oilfield Services Limited
9.10 ALTUS Intervention
10. Competitive Landscape
10.1 Mergers and Acquisitions
10.2 Joint Ventures, Collaborations, and Agreements
10.3 Strategies Adopted by Leading Players
*List not Exhaustive
**Subject to availability on public domain
- Schlumberger Limited
- Weatherford International PLC
- Baker Hughes A GE Co.
- Halliburton Company
- National Oilwell Varco
- Superior Energy Services Inc.
- Expro Group
- China Oilfield Services Limited
- ALTUS Intervention