Saudi Arabia Drilling Services Market is expected to Register a high CAGR in the Forecast Period
Growing demand for energy
consumption and rising drilling project investments to propel the Saudi Arabia
Drilling Services Market growth
in the forecast period.
According to TechSci Research report,” Saudi Arabia
Drilling Services Market - By Region, Competition Forecast & Opportunities, 2018-2028F,”
the Saudi Arabia
Drilling Services Market is expected to register robust growth during the forecast period, 2024-2028.
Rising oil and gas demand as well as the increased number of oil reservoirs
discovered using cutting-edge geological tracking tools are the main market
drivers. In drilling services, machines are used to drill a borehole into the
ocean floor. It is done to extract natural and crude oil from the seafloor.
There are several ways to carry out an offshore drilling operation, and the
kind of rig used depends on the type of oil, the depth of the area, and the
current weather.
Directional
drilling is a technique used in oil extraction. The well-used to extract oil is
positioned directly above the oil reservoir. Hence, in order to extract the
oil, drilling is required, and the well is used to pull the oil from the
reservoir. This means that drilling directly from the surface is advantageous
for extraction. But directional drilling is different. Instead of boring
vertically, it is often done at an angle here.
State-owned
oil and gas company Saudi Aramco announced intentions to increase capital
expenditures (CAPEX) to USD 40–50 billion in 2022, up nearly 50% from 2021,
with further growth anticipated through 2025. According to Saudi Aramco,
upstream capital expenditures rose from SAR 73,651 (USD 19,640) million in 2020
to SAR 88,758 (USD 23,669) million in 2021, a 20.5% rise.
The
refurbishment of old fields and new offshore projects are what essentially
drive the drilling services market in the Saudi Arabia. In 2020, it was
anticipated that the output of gas would average 47 billion cubic feet per day
due to recovering drilling activity. Most of the increase in gas output is
anticipated to come from new oil wells.
Saudi
Arabia's conventional reserves account for the majority of its oil & gas
production. The nation does, however, have large, unconventional,
non-associated gas deposits that are being underutilized. Nonetheless, as
domestic natural gas consumption continues to climb, the nation's top priority
now is to exploit these unconventional fields. The Jafurah Shale play, the
largest unconventional shale plays in the nation, which is predicted to contain
almost 200 trillion cubic feet of shale gas, is one such significant
investment. By 2030, the field is anticipated to produce 2 billion cubic feet
of gas per day.
Browse over XX market data Figures spread
through 70 Pages and an in-depth TOC on the "Saudi Arabia Drilling Services Market"
The Saudi Arabia Drilling Services Market is
divided into services, application, end
user, region and competitive landscape.
Based on Services, the market is
segmented into Directional Drilling (Measurement While Drilling, Logging While
Drilling, Rotary Steerable System and Others) and Non-Directional Drilling. The
Saudi Arabia market for drilling services is expected to dominate the
industry in the forecast period due to rising production from highly technical
wells in unusual formations and the discovery of new reserves in complex
reservoirs. Due to the many operational advantages of rotary steerable systems
(RSS), such as cost-effective solutions and a higher rate of penetration, the
demand for these services is anticipated to rise. The LWD service market is
anticipated to have significant expansion as a result of efficient operations,
simple integrations, and the progress of established technologies.
Based on Application the market is divided into Onshore & Offshore
(Shallow Water, Deepwater & Ultra Deepwater). Since the cost of doing business in offshore
areas has drastically decreased over the past few years, the offshore segment
is anticipated to have significant expansion throughout the forecast period.
This reason is motivating the sector to steadily increase spending in the
future and drive the market for drilling services.
Based on End User, the market is segmented into Oil & Gas, Mining,
Water Exploration, and Others. Rising investments in new hydrocarbon assets,
the discovery of new reserves, and significant output ambitions will broaden
the oil and gas segment's horizons. The mining industry is predicted to grow
and show significant growth as a result of the implementation of expansion
strategies for existing mineral sites and the exploitation of new reserves.
Major market players in the Saudi Arabia Drilling Services Market: -
- Dowell Schlumberger Saudi Arabia Limited Company
- Weatherford Al-Rushaid Co. Ltd.
- Halliburton Company
- Baker Hughes Saudi Arabia Ltd
- Saudi Aramco Nabors Drilling Company
- National Oilwell Varco Inc.
- Valaris PLC
- Noble Corporation PLC
- Saipem SpA
- Arabian Drilling Company
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"Increased
investments in renewable energy, as well as emission reduction and other
environmental standards, are expected to restrain market growth during the
forecast period. The market will continue to have significant growth potential
during the anticipated period as a result of the development and
commercialization of sizable domestic non-associated natural gas reserves for
domestic use and export” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Saudi Arabia
Drilling Services Market By Services ((Directional
Drilling (Measurement While Drilling, Logging While Drilling, Rotary Steerable
System and Others) and Non-Directional Drilling)), By Application (Onshore
& Offshore (Shallow Water, Deepwater & Ultra Deepwater)), By End User
(Oil & Gas, Mining, Water Exploration, Others), By Region, Competition,
Forecast and Opportunities, 2018- 2028F,” has evaluated the future growth potential
of Saudi Arabia Drilling Services Market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities Saudi
Arabia Drilling Services Market.
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