Report Description

Asia-Pacific oilfield services market is anticipated to grow at a steady pace during the forecast period, 2024-2028 owing to the  rise in the demand for cutting-edge technology, tools, and equipment to improve the efficiency of exploration and production activities in onshore and offshore locations.

Oilfield service (OFS), which mostly affects offshore assets, is essential to the upstream service of the oil and gas sector. All goods and services needed for the production and exploration process in the upstream industry are included in the oilfield equipment and services category. The companies in this sector provide manufacturing, maintenance, and equipment repair services for the production, transportation, and storage of oil. Additionally, locating energy sources, drilling and formation evaluation, managing energy data, geological sciences, and many other services are taken into account for successful field operations.

Increasing Oil & Gas Investments

By 2050, the demand for 38.8 million b/d of oil products is anticipated to increase in the Asia Pacific region. The region's rapid expansion, notably in countries such as India, China, Indonesia, and Japan, can be attributed for the rise in the demand for oil-related items. For instance, over the next ten years, India intends to nearly quadruple its oil refining capacity to 450 MT to fulfil the growing demand for domestic fuel. India had 23 refineries as of April 2022, with a total capacity of about 251.2 MMTPA, 19 of which were public, 3 private, and 1 joint venture. Refinery capacity utilization during 2020–21 is 88.8%. Indian Oil Corporation (IOC) is the largest refinery in the nation with an 80.6 MMTPA capacity. Over 70% of the total Indian refining output  was supplied by the top three firms, IOC, Bharat Petroleum Corporation (BPCL), and Reliance Industries (RIL), at a CAGR of 3.2% for refining capacity from 2011–12 to 2020–21. In addition, between 2021 and 2022, 254.3 MMT of petroleum products were produced in India, representing a steady increase in both production and consumption and will continue during the forecast period..

Additionally, Petronas signed two contracts in December 2021 relating to upstream investment in Malaysia. A memorandum of understanding (MoU) was reached with Petroleum Sarawak Berhad (PETROS) regarding a gradual increase in Sarawak's gas supplies, eventually increasing the allotment to 1.2 billion cubic feet per day. Another one is a business arrangement to expand Sabah's oil and gas sector with the state government of Sabah. The number of activities in the area has increased as a result of several offshore drilling projects in Australia, Malaysia, and Indonesia, further promoting the demand for oilfield services. Thus, it is anticipated that increased exploration of unconventional resources, new investments in the oil and gas sector, and the stability of crude oil prices will boost the demand for oilfield services in the Asia-Pacific region during the forecast period.


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Drilling Services to Dominate the Market

The majority of the oilfield services market is made up of drilling services, which together account for approximately more than 50% of the market. Additionally, during the previous five years, the average rig count in the Asia-Pacific region has steadily increased due to the driving factors such as continuous launch of new tools & services to boost production and new contracts for developing mining assets and rising collaboration. The need for oil and gas is always rising. Increased production from both old and new wells is necessary to meet the demand, which will result in an expansion of the Asia-Pacific oilfield services market during the forecast period.

Production and exploration operations are anticipated to expand in future years as a result of an increase in energy demand and lucrative investment opportunities in the oil and gas sector. Projections show that a significant share of the world's total oil production will come from traditional onshore sources. Additionally, by 2035, the production of unconventional onshore oil will have risen to about 22 Mbpd, or close to 30% of all global crude oil production. As a result, it is predicted and anticipated that increased production and exploration activities across the world will simultaneously affect the demand for oilfield services in the Asia Pacific oil and gas industry.

Drilling services are anticipated to be driven by technological developments in logging and drilling equipment during the projected period. For instance, In 2021 the southern Chinese city of Foshan, China Oilfield Service Ltd (COSL) established a joint venture to develop and manufacture well logging and directional well drilling technology and apparatus. Using the Drilog, Welleader, and ELIS technologies from COSL, the joint venture intends to invest USD 0.14 billion in the development of equipment.

In April 2022, the government-owned Oil and Natural Gas Corporation (ONGC) stepped up its efforts to boost productivity from mature and aging fields by commissioning two projects at a cost of USD 786.4 million that will add 7.5 million tons of oil production and 1 billion cubic meters of gas output over the life of the Mumbai High fields. In addition to it, the Indian government granted contracts for 31 oil and gas ventures in September 2022 as part of the largest-ever sale of known oil and gas accumulations in the country through the third discovered small fields (DSF-3) competitive bidding process.

Rising Demand for Natural Gas

One of the world's largest markets for natural gas is Asia-Pacific.  The region's natural gas usage increased by 5.9% from the previous year, when it was roughly 867 billion cubic meters, to nearly 918 billion cubic meters in 2021. The use of natural gas increased from 575.2 billion cubic meters in 2010 to 918.3 billion cubic meters in 2021, accounting for a 22.7% proportion of the world's total natural gas consumption.

To meet the growing demand, natural gas companies are making significant investments in the oil and gas sector. For instance, in April 2022, GAIL declared that over the next five years it plans to invest more than USD 206.77 in various CNG projects in West Bengal through its joint venture business Bengal Gas Co and Hindustan Petroleum Corporation Ltd.

Recent Development

  • To work together on many joint R&D projects, including drilling, drilling fluids, cementing fluids, and finishing fluids, the Indian Institute of Technology Kharagpur and the Oil & Natural Gas Corporation (ONGC) Limited Institute of Drilling Technology (IDT) signed an agreement in October 2022.
  • Sinopec made a fresh shale gas discovery in the Sichuan Basin's Jinshi 103HF exploratory well in October 2022. This well has a resource capacity estimated at 387.8 billion cubic meters and a daily natural gas production of 258,600 cubic meters. The discovery, which is the first in the Cambrian Qiongzhusi Formation, signifies a significant advance in China's shale gas development. Shale gas reserves have expanded greatly as a result of this discovery, which will also improve Sichuan Basin shale gas exploration and production.
  • The net production goals for 2023 and 2024 were declared by China National Offshore Oil Corporation (CNOOC) in January 2022. These goals are expected to reach 640 million to 650 million and 680 million to 690 million barrels of oil equivalent, respectively. The business also disclosed that its capital expenditure budget for 2022 set at USD 14-15.6 billion with roughly 20% of that amount going into capital expenditures for exploration, development, production, and other purposes.

Market Segmentation

The Asia-Pacific oilfield services market is divided into service type and location of deployment. Based on service type, the market is segmented into drilling services, completion services, production and intervention services, and other services. Based on location of deployment, the market is divided into onshore and offshore.

Market Players

Major market players in the Asia-Pacific oilfield services market are Schlumberger Ltd, Baker Hughes Co., Halliburton Co., National Oilwell Varco Inc., Weatherford International PLC, Petrofac Limited, Superior Energy Services Inc., Expro International Group Holdings Ltd., and Archer Limited.

Attribute

Details

Base Year

2022

Historical Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

Service Type

Location of Deployment

Country scope

China, Indian, Japan, South Korea, Indonesia, Thailand, Malaysia, and Vietnam

Key companies profiled

Schlumberger Ltd, Baker Hughes Co., Halliburton Co., National Oilwell Varco Inc., Weatherford International PLC, Petrofac Limited, Superior Energy Services Inc., Expro International Group Holdings Ltd., and Archer Limited.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:
In this report, the Asia-Pacific oilfield services market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         Asia Pacific Oil Field Service Market, By Service Type:

o    Drilling Services

o    Completion Services

o    Production and Intervention Services

o    Other Services

·         Asia Pacific Oil Field Service Market, By Location of Deployment:

o    Onshore

o    Offshore

·         Asia Pacific Oilfield Services Market, By Country:

o    China

o    India

o    Japan

o    South Korea

o    Indonesia

o    Thailand

o    Malaysia

o    Vietnam

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Asia-Pacific oilfield services market.

Available Customizations:

Asia-Pacific Oilfield Services Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Asia-Pacific Oilfield Services Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.3.  Markets Covered

1.4.  Years Considered for Study

1.5.  Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customers

5.    Asia-Pacific Oilfield Services Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Service Type (Drilling Services, Completion Services, Production and Intervention Services, and Other Services)

5.2.2.    By Location of Deployment (Onshore and Offshore)

5.2.3.    By Country

5.3.  By Company (2022)

5.4.  Market Map

6.    China Oilfield Services Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Service Type

6.2.2.    By Location of Deployment

7.    India Oilfield Services Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Service Type

7.2.2.    By Location of Deployment

8.    Japan Oilfield Services Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Service Type

8.2.2.    By Location of Deployment

9.    South Korea Oilfield Services Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Service Type

9.2.2.    By Location of Deployment

10. Indonesia Oilfield Services Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Service Type

10.2.2. By Location of Deployment

11. Vietnam Oilfield Services Market Outlook

11.1.             Market Size & Forecast

11.1.1. By Value

11.2.             Market Share & Forecast

11.2.1. By Service Type

11.2.2. By Location of Deployment

12. Malaysia Oilfield Services Market Outlook

12.1.             Market Size & Forecast

12.1.1. By Value

12.2.             Market Share & Forecast

12.2.1. By Service Type

12.2.2. By Location of Deployment

13. Thailand Oilfield Services Market Outlook

13.1.             Market Size & Forecast

13.1.1. By Value

13.2.             Market Share & Forecast

13.2.1. By Service Type

13.2.2. By Location of Deployment

13.2.3.  

14. Market Dynamics

14.1.             Drivers

14.2.             Challenges

15. Market Trends & Developments

16. Company Profiles

16.1.             Schlumberger Ltd

16.1.1. Business Overview

16.1.2. Key Revenue and Financials (If Available)

16.1.3. Recent Developments

16.1.4. Key Personnel

16.1.5. Key Product/Services

16.2.             Baker Hughes Co.

16.2.1. Business Overview

16.2.2. Key Revenue and Financials

16.2.3. Recent Developments

16.2.4. Key Personnel

16.2.5. Key Product/Services

16.3.              Halliburton Co.

16.3.1. Business Overview

16.3.2. Key Revenue and Financials (If Available)

16.3.3. Recent Developments

16.3.4. Key Personnel

16.3.5. Key Product/Services

16.4.             National Oilwell Varco Inc.

16.4.1. Business Overview

16.4.2. Key Revenue and Financials (If Available)

16.4.3. Recent Developments

16.4.4. Key Personnel

16.4.5. Key Product/Services

16.5.             Weatherford International PLC

16.5.1. Business Overview

16.5.2. Key Revenue and Financials (If Available)

16.5.3. Recent Developments

16.5.4. Key Personnel

16.5.5. Key Product/Services

16.6.             Petrofac Limited

16.6.1. Business Overview

16.6.2. Key Revenue and Financials (If Available)

16.6.3. Recent Developments

16.6.4. Key Personnel

16.6.5. Key Product/Services

16.7.             Superior Energy Services Inc.

16.7.1. Business Overview

16.7.2. Key Revenue and Financials

16.7.3. Recent Developments

16.7.4. Key Personnel

16.7.5. Key Product/Services

16.8.             Expro International Group Holdings Ltd.

16.8.1. Business Overview

16.8.2. Key Revenue and Financials (If Available)

16.8.3. Recent Developments

16.8.4. Key Personnel

16.8.5. Key Product/Services

16.9.             Archer Limited

16.9.1. Business Overview

16.9.2. Key Revenue and Financials (If Available)

16.9.3. Recent Developments

16.9.4. Key Personnel

16.9.5. Key Product/Services

17. Strategic Recommendations

18. About Us & Disclaimer                    

Figures and Tables

Frequently asked questions

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Major market players in the Asia-Pacific oilfield services market are Schlumberger Ltd, Baker Hughes Co., Halliburton Co., National Oilwell Varco Inc., Weatherford International PLC, Petrofac Limited, Superior Energy Services Inc., Expro International Group Holdings Ltd., and Archer Limited.

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The main drivers for the growth of the Asia-Pacific oilfield services market include rise in investments in the oil & gas sector and new oilfield discoveries.

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Oil and gas services refer to products and processes that support the oil and gas industry, including energy exploration, transport of petroleum and gas to refineries, and the processing and delivery of energy assets to market.

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Geopolitical tension and the volatility of crude oil prices are the two significant challenges faced by the Asia-Pacific oilfield services market.

profile

Parvati Sharma

Account Manager BD
Press Release

Asia-Pacific Oilfield Services Market is Expected to be Dominated by Drilling Services Until 2028

Jul, 2023

Increasing oil & gas investments and rising deep-water projects in the region are expected to drive the Asia-Pacific oilfield services market during the forecast period.