GCC well testing
services market is anticipated to grow at a rate of formidable CAGR in the
forecast period, 2023-2027. Increasing energy demands worldwide are fueling the
need for exploration and production activities. High-end investments in energy
extraction and production by market players and concerned authorities and the
use of advanced technologies and equipment to maximize the profit and minimize
the losses are anticipated to fuel the GCC well testing services market in the
next five years.
Well testing services
include the services involved in acquiring data to boost the understanding of
reservoir characterization and fluid properties. These tests are performed to
provide faster, newer, and more precise testing results to optimize the well
performance and lower the adverse environmental impact. The viability check is
done in all three stages of well: exploration, development, and production. The
information about the new well can be obtained by using well testing services
like the economic feasibility and profitability of exploring and producing
through a new well, which can be proven beneficial for taking necessary further
steps.
Increase In Offshore
Exploration and Production Activities Supports Market Growth
Rapid industrialization,
improvement in the economic conditions, and the continuous rise in the
population are increasing the energy demand worldwide. The growing disposable
income of middle-class families is boosting the expenditure capacity of the
consumers to buy advanced consumer electronic goods and automobiles for their
enhanced comfort and convenience. Oil consumption is increasing day by day, and
the demand for natural gas is witnessing a hike worldwide. High demand for
fossil fuel from around the globe is making the market players increase their
fuel production. Existing oil and gas reserves are aging rapidly, making the
market players boost their search for unexplored hydrocarbon reserves. Fewer
easy-to-access oil fields remaining across the globe are making the companies
move into new areas and accelerate exploration activities in deep water and
ultra-deepwater offshore regions. The high demand to explore and produce in
deepwater areas and search of new explored reserves are expected to create
lucrative opportunities for the GCC well testing services market growth in the
forecast period.
High Focus on Unexplored Oil
& Gas Reserves Boosts Market Growth
The oil and gas industry are
considered as one of the major revenue-generating industries and the backbone
of GCC economy. The global oil industry is making investments in research and
development activities to find innovative solutions to sustain oil and gas
production volume. The discovery of unconventional shale and tight oil and gas
is witnessing exploration and commercialization of unconventional reserves. The
presence of huge capital sources makes the exploration through unconventional
sources a viable option as it requires the use of advanced technologies for
extraction purposes. Market players are looking for economic opportunities to
maximize their profits which is one of the primary reasons for adopting advanced
well testing services by the oil and gas industries. Decreasing conventional
sources and growing gas deficits are driving the monetization of unconventional
oil and gas reserves in GCC economies which is expected to create lucrative
opportunities for the GCC well testing services market.
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Market Segmentation
The GCC well testing services
market is segmented on the basis of services,
application, stage, regional distribution, and company. Based on the services,
the market is divided into real time well testing, downhole well testing,
reservoir sampling and surface well testing. Based on the application, the
market is divided into onshore & offshore. Based on the stage, the market
is divided into exploration, appraisal, and development, production. To analyze
the market based on the country, the GCC well testing services market is
studied in countries namely Saudi Arabia, UAE, Oman, Kuwait, Qatar and Bahrain.
Market Players
SGS Middle East, Energy
Services Limited Co., MB Petroleum Services, Gulf Energy, Middle East Oilfield
Services, Halliburton Company, Schlumberger Limited, Tetra Technologies Inc.,
Weatherford International Ltd., AGR Group ASA, are among the major market
players in the GCC platform that led the market growth of the GCC well testing
services market.
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Attribute
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Details
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Base Year
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2021
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Historic Data
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2017 – 2020
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Estimated Year
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2022
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Forecast Period
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2023 – 2027
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Quantitative Units
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Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027
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Report coverage
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Revenue forecast, company share, competitive landscape, growth
factors, and trends
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Segments covered
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Services
Application
Stage
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Country scope
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Saudi Arabia, UAE, Oman, Kuwait, Qatar, Bahrain
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Key companies profiled
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SGS
Middle East, Energy Services Limited Co., MB Petroleum Services, Gulf Energy,
Middle East Oilfield Services, Halliburton Company, Schlumberger Limited, Tetra
Technologies Inc., Weatherford International Ltd., AGR Group ASA
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Customization scope
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10% free report customization with purchase. Addition or
alteration to country & segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request)
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Report Scope:
In this report, GCC well testing
services market has been segmented into following categories, in addition to
the industry trends which have also been detailed below:
- GCC Well Testing
Services Market, By Services:
- Real Time Well Testing
- Downhole Well Testing
- Reservoir Sampling
- Surface Well Testing
- GCC Well Testing Services Market, By Application:
- GCC Well Testing Services Market, By Stage:
- Exploration
- Appraisal
- Development
- Production
- GCC Well Testing
Services Market, By Country:
- Saudi Arabia
- UAE
- Oman
- Kuwait
- Qatar
- Bahrain
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in GCC well testing services market.
Available Customizations:
With the given market data, TechSci
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).
GCC well testing 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]