Lower Operation Cost is driving the Market
In response to the downturn in crude oil price in the past few years, the oil & gas companies not only reduced their production level, but also implemented efficiency programs to lower the operating cost. Operating cost in Norway has reduced by 30% between 2014 and 2017. The cost of drilling an exploratory well in Norway’s offshore was half in 2017 compared to 2014. The unit operating costs in the UK Continental Shelf has reduced by around 50% in the past two to three years, and it is expected to fall further.
Norway’s Oil Industry Back on its Feet
The oil & gas industry in Norway is back on its feet after suffering through one of the worst crisis. Spending by oil companies increased for the first time in 2017, since crude oil price collapse in 2014. The country had witnessed a decline in crude oil production since the start of the century. But in 2014, the trend changed, and production increased. Production is expected to ramp up in Norway after the Johan Sverdrup field, one of the major fields, starts production in 2020. Additionally, several projects operated by Shell, Alpha Petroleum, and other companies, in the United Kingdom, are expected to start during the forecast period. As a result, increased oil & gas activity in the region is expected to drive the demand for oilfield services.
Key Developments in the Market
- 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.
- August 2017: Expro received a contract from Maersk Oil for provision of subsea and well test services in the North Sea on two offshore units. The contract will extend till 2020, for well abandonment services on two rigs.
Reasons to Purchase this Report
- Current and future Europe 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)
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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
8. Regional Market Analysis (Overview, Market Size and Demand Forecast until 2023)
8.3 United Kingdom
8.4 Rest of Europe
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 Aker Solutions
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
- Aker Solutions
- ALTUS Intervention