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Wireline Services Market - Growth, Trends, and Forecast (2020 - 2025)

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  • 120 Pages
  • February 2020
  • Region: Global
  • Mordor Intelligence
  • ID: 4520112
The wireline services market is expected to grow at a CAGR of less than 3% during the forecast period. The global upstream oil and gas investments stood at approximately USD 476 billion in 2018, representing a 6% increase compared to that in the previous year. According to the estimates of Oil & Gas UK, the oil and gas exploration and production companies in Europe are expected to spend about USD 265 billion between 2019 – 2035. Factors, such as increasing demand for oil and natural gas and increasing investments in the upstream oil and gas sectors across the world, are expected to drive the number of exploration and production activities, thereby driving the wireline services market during the forecast period. However, the crude oil prices have been highly volatile in 2018, fluctuating between USD 85 per barrel and USD 50 per barrel by the end of the year. This volatility of oil prices remains a growing concern for the upstream industry. Hence, this is expected to hinder the market during the forecast period.
  • The increasing exploration activities in the offshore region is expected to boost the demand for wireline services market during the forecast period.
  • The shift of the projects from onshore to offshore, shallow waters to deep waters and ultra-deep waters is an opportunity for the wireline service providers to innovate and come up with products suitable and customized to the harsh climatic conditions of offshore basins.
  • North America is expected to dominate the market during the forecast period with majority of the demand coming from the United States, Canada, and Mexico.

Key Market Trends

Offshore Region to Dominate the Market
  • As oil and gas demand is increasing, there is a need to find and produce from new oil and gas reservoirs. Existing hydrocarbon reservoirs have started to mature or have reached their decommissioning stage. This has resulted in the finding of new resources. Therefore, new oil & gas wells are being drilled in countries that have not been major producers for hydrocarbons in the past.
  • Also, as offshore oil & gas reservoirs are larger than onshore reservoirs, and the production life of offshore wells is higher than that of onshore wells, companies are shifting towards offshore E&P activities.
  • In October 2018, Baker Hughes, McDermott International, Inc., and L&T Hydrocarbon Engineering (LTHE) were awarded the subsea contract for India’s Oil & Natural Gas Corporation’s (ONGC) largest deepwater project, the development of block DWN-98/2 in the Krishna Godavari basin of India. The project brings together oilfield filed services from BHGE, McDermott, and LTHE to provide ONGC with end-to-end project delivery.
  • Also, in September 2018, the Ministry of Petroleum and Mineral Resources of Egypt has signed two new oil and gas exploration agreements to explore two deepwater areas at the Mediterranean Sea and Western Sahara with Canadian, British, Dutch, Malaysian and Kuwaiti companies, for a minimum investment of more than USD 1 billion.
  • Hence, with the increasing deepwater and shallow water drilling activities and new supportive government policies for offshore oil & gas exploration, the wireline services market is expected to dominate the market studied in the coming years.

North America to Dominate the Market
  • North America is expected to be the largest market for the wireline services. This is mainly due to the large number of offshore oil and gas platforms, severe sea conditions, and strict safety regulations promoting drilling and completion services.
  • In 2018, the United States has witnessed three significant oil discoveries, including two in the Gulf of Mexico, at Ballymore (545 Mb) at a depth of 2,000 m underwater, and at Appomattox (140 Mb) under 2,300 m of water. Besides this, the United States has also had an onshore discovery in Alaska in the Putu/Stony field (200 Mb). In Alaska, Smith Bay, a shallow oil field located 150 miles to the west of Prudhoe Bay in the North Slope, is spread over 117 acres and estimated to hold 6-10 billion barrels of crude oil that include 1.8 to 2.4 billion barrels of recoverable reserves. The new discoveries of oil and gas fields demand exploration of the field to reach the production stage; these new discoveries are expected to drive the country’s wireline services market.
  • Further, owing to the stabilization of energy prices and profitability from drilling activities, the Petroleum Services Association of Canada (PSAC) announced that as of 2018, they have 152 active oil wells and expected to increase as for the newly discovered field. The demand for wireline services in the country is expected to be high during the forecast period, riding on increased upstream activities.
  • Hence, the development of new fields and growing activities of drilling and exploration is expected to drive the market for North America. Therefore, the demand for wireline services is expected to be on the positive for the North America during the forecast period.

Competitive Landscape

The wireline services market is moderately fragmented. Some of key players in this market include Schlumberger Limited, Baker Hughes Company, Weatherford International PLC, Halliburton Company, and Expro International Group PLC.

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Table of Contents

1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Historic and Forecast of Onshore CAPEX in USD billion, by Regions, 2016-2025
4.4 Historic and Forecast of Offshore CAPEX in USD billion, by Regions, 2016-2025
4.5 Recent Trends and Developments
4.6 Government Policies and Regulations
4.7 Market Dynamics
4.7.1 Drivers
4.7.2 Restraints
4.8 Supply Chain Analysis
4.9 Porter's Five Forces Analysis
4.9.1 Bargaining Power of Suppliers
4.9.2 Bargaining Power of Consumers
4.9.3 Threat of New Entrants
4.9.4 Threat of Substitutes Products and Services
4.9.5 Intensity of Competitive Rivalry
5.1 Type
5.1.1 Electric Line
5.1.2 Slick Line
5.2 Service Type
5.2.1 Completion
5.2.2 Intervention
5.2.3 Logging
5.3 Hole Type
5.3.1 Open Hole
5.3.2 Cased Hole
5.4 Location of Deployment
5.4.1 Onshore
5.4.2 Offshore
5.5 Geography
5.5.1 North America
5.5.2 Europe
5.5.3 Asia-Pacific
5.5.4 South America
5.5.5 Middle-East and Africa
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Baker Hughes Company
6.3.2 Halliburton Company
6.3.3 Superior Energy Services
6.3.4 Schlumberger Limited
6.3.5 SGS S.A.
6.3.6 Weatherford International PLC
6.3.7 Expro Group
6.3.8 Archer Ltd
6.3.9 C&J Energy Services Inc.
6.3.10 Pioneer Energy Services Corp.

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Baker Hughes Company
  • Halliburton Company
  • Superior Energy Services
  • Schlumberger Limited
  • SGS S.A.
  • Weatherford International PLC
  • Expro Group
  • Archer Ltd
  • C&J Energy Services Inc.
  • Pioneer Energy Services Corp.